Synlogic initiated with bullish view at Alliance Global Partners, here’s why

Alliance Global Partners analyst James Molloy initiated coverage of Synlogic with a Buy rating and $30 price target. The firm’s valuation is primarily based on its expectations for Synlogic’s lead candidate SYNB1934 for the treatment of phenylketonuria, or PKU, which is currently in the pivotal Phase 3 Synpheny-3 trial that could have some interim data in the first half of 2024 and final topline data in 2025. The firm values SYNB1934 for PKU at $25 per share, the potential PRV for SYNB1934 at $3 per share and the remaining preclinical candidates plus cash at $2 per share.