Synlogic price target lowered to $5.50 from $7.00 at Chardan

Chardan analyst Keay Nakae lowered the firm’s price target on Synlogic to $5.50 from $7.00 but keeps a Buy rating on the shares. The updated price target reflects a higher projected future share count as modeled future capital raises are expected to be more dilutive due to the decline in share price over the last quarter, the analyst tells investors in a research note. The firm adds however that it remains positive on Synlogic as the company has now reported positive results from three different studies during Q4: SYNB1934 in phenylketonuria, SYNB1353 in homocystinuria, and SYNB8802 in enteric hyperoxaluria.