Leerink downgraded Synlogic to Market Perform from Outperform with a price target of $1, down from $6, following the company’s “surprising” decision to discontinue its lead program, SYNB1934 in PKU, ahead of the planned interim analysis. Synlogic is evaluating strategic options, but based on other recent examples of companies who reported similar kinds of data that fell short of expectations, the firm has low expectations that Synlogic’s programs will be acquired for further development, the analyst tells investors.
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