Syros Pharmaceuticals price target raised by $6 at Piper Sandler, here’s why

Piper Sandler analyst Edward Tenthoff raised the firm’s price target on Syros Pharmaceuticals to $13 from $7 and keeps an Overweight rating on the shares following initial Phase 2 SELECT-AML data. The combination of tamibarotene, venetoclax and azacitidine achieved an “unprecedented” 100% CR/CRi rate in nine patients, says the firm, which adds that “importantly” adding tamibarotene to ven/aza did not increase myleosuppression. Based on the “positive results,” Piper anticipates Syros will initiate Phase 3 AML trials in 2024.