Synlogic, Inc. (SYBX) stock climbed today after it announced positive phase 2 data regarding reduction in Plasma Phenylalanine Levels in patients suffering from Phenylketonuria. SYBX stock price saw a push of 16.41% to reach $3.83 a share at the time of this writing. The stock went high in the previous trade by 3.13% at closing. Let’s deep dive to discuss more about this stock.
Synlogic, Inc is the clinical-stage biotech stock that discovers and develops synthetic biotic medicines to treat metabolic, inflammatory, and cancer diseases in the U.S. Its products SYNB1618 and SYNB1934 are in phase II clinical trial for the treatment of phenylketonuria. Synlogic is also SYNB8802 for treating Enteric Hyperoxaluria that is in Phase I clinical trial.
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Today’s News of SYBX stock:
SYBX stock today announced the positive data from the clinical trial of SYNB1618 and SYNB1934. SYNB1618 showed considerably reduced phenylalanine at several dose levels and across multiple time points. SYNB1934 on the other hand demonstrated two-fold higher activity as compared to SYNB1618 in the phase 1 study.
Synlogic stock is planning to incorporate SYNB1934 in Phase 2 SynPheny-1 trial with anticipation of final results in the first half of 2022. The favorable data of SYNB1618 and SYNB1934 is allowing the SYBX stock to initiate the planning of the Phase 3 study.
Financial View of SYBX stock:
Synlogic stock on August 12, 2021, did announce the second quarter 2021 financial results according to which
- Synlogic stock generated net revenue of $0.2 million in the second quarter of 2021. The stock had reported $0.4 million in revenue in the same quarter of last year.
- Consolidated net loss was $14.5 million or $0.28 per share compared to $15.5 million, or $0.44 per share in Q2,2020.
- SYBX stock spent $10.7 million for research and development expenses in the second quarter of 2021. This compares to the $12.9 million research and development expenses in the same prior-year period.
- General and administrative expenses reached $4.1 million as compared to $3.5 million in Q2,2020.
The recent announcement by Synlogic has added more hype to the per-share price of SYBX stock. This event is the major milestone for Synlogic’s Synthetic Biotic Platform. The stock is anticipating advancement in the PKU program and completion of Phase 2 SynPheny-1 study soon. In a nutshell, this stock can be a good bet for investors in the long run.