Home Top Movers Why did Synlogic Inc. (SYBX) stock turnaround in the after-hours on Friday?

Why did Synlogic Inc. (SYBX) stock turnaround in the after-hours on Friday?

Synlogic Inc. (SYBX) shares gained 7.45% to trade at $3.75 in after-market on Friday, April 30, 2021. Earlier, SYBX’s stock lost -2.51% to close Friday’s session at $3.49. SYBX shares have surged 67.79% over the last 12 months, and they have moved down 6.68% in the past week. Over the past three months, the stock has lost 5.93%, while over the past six months, it has added 85.64%.

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Let’s see why  SYBX performed well in the after-hours on Friday?


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Common stock pricing announcement

On April 16, 2021, Synlogic revealed the pricing for its previously announced offer of 10,000,000 shares of its common stock. The company announced the offering price of $3.00 per share.

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The underwriter also has a 30-day option to purchase up to 1,500,000 additional shares of common stock at the public offering price. The gross proceeds of approximately $30.0 million are expected to be generated from the offer.

SVB Leerink is acting as the sole book-running manager for the offering.

Presenting Phase1 study data of SYNB1618

On April 13, 2021, Synlogic, Inc announced to present the Phase1study data of SYNB1618 at the American College of Medical Genetics (ACMG) annual meeting, which held virtually on April 13-16, 2021.

SYNB1618 is used for the treatment of Phenylketonuria (PKU) and is designed to break down phenylalanine in the GI tract as a potential treatment for patients with PKU.

SYNB1891 data presentation

Synlogic presented SYNB1891data at the American Association for Cancer Research (AACR) annual meeting which held on April 10-15, 2021.

SYNB1891 is used for the treatment of solid tumors and lymphoma and the presentation was delivered by Dr. Filip Janku, Associate Professor, Department of Investigational Cancer Therapeutics, Division of Cancer Medicine at The University of Texas MD Anderson Cancer Center.

Recent financial results announcement

On March 25, 2021, Synlogic released financial results for the fourth quarter, and the full-year ended December 31, 2020.

Fourth Quarter 2020 financial highlights

  • Synlogic reported a consolidated net loss of $14.6 million, or $0.39 per share for Q4 2020 compared to a consolidated net loss of $12.8 million, or $0.37 per share, for Q4 2019.
  • It spent $11.4 million in research and development expenses for the three months ended December 31, 2020, compared to $11.3 million for the same period in 2019.
  • General and administrative expenses for the three months ended December 31, 2020, were $3.3 million compared to $3.5 million for the corresponding period in 2019.
  • Synlogic earned no revenue in Q4 2020 compared to $1.2 million for the three months ended December 31, 2019.

The full Year 2020 financial highlights

  • Synlogic suffered a net loss of $59.2 million, or $1.65per share in FY 2020 compared to a consolidated net loss of $51.4 million, or $1.70 per share, for the year ended December 31, 2019.
  • FY 2020 revenue was $0.5 million compared to $2.2 million in FY 2019.
  • Total operating expenses were $61.0 million for FY 2020 compared to $56.6 million for 2019.
  • Synlogic had cash, cash equivalents, and short-term investments of $100.4 million, as of December 31, 2020.

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Conclusion

Well, there are no recent developments about SYBX stock, and its turnaround on Friday is strange. We will wait and see how it will start the new week on Monday.

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