HomeTop MoversWhy Synlogic Inc. (SYBX) stock had a bad Friday?

Why Synlogic Inc. (SYBX) stock had a bad Friday?

Synlogic Inc. (SYBX) shares declined 8.53% in after-hours on Friday, December 10, 2021, and closed the weekly trading at $2.36. Even in the regular trading session of Friday, SYBX’s stock lost 3.73%. SYBX shares have risen 12.17% over the last 12 months, and they have moved up 13.66% in the past week. Over the past three months, the stock has lost 13.71%, while over the past six months, it has declined 35.34%. Further, the company has a current market of $187.77 million and its outstanding shares stood at 55.34 million.

Let’s discuss is the latest news briefly.


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SYBX presented SYNB1618 data

On November 22, 2021, Synlogic, Inc. (SYBX) presented interim data from the company’s Phase 2 SynPheny-1 clinical trial of Synthetic BioticTM medicine SYNB1618 at the International Congress of Inborn Errors of Metabolism Meeting in Sydney, Australia.

The data showed a significant reduction in plasma phenylalanine (Phe) levels in patients with phenylketonuria (PKU). Treatment with SYNB1618 was generally well tolerated, with no serious adverse events and a tolerability profile consistent with results from previous Phase 1 studies.

SYBX latest financial results

On November 10, 2021, Synlogic, Inc. (SYBX), reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • SYBX total revenue of $0.9 million for the three months ended September 30, 2021, compared to nil revenue in Q3 2020.
  • It suffered a net loss of $16.0 million, or $0.29 per share in Q3 2021, compared to a consolidated net loss of $13.2 million, or $0.36 per share, for the corresponding period in 2020.
  • Research and development expenses were $13.4 million in Q3 2021 compared to $10.5 million in Q3 2020.
  • General and administrative expenses were $3.6 million in Q3 2021compared to $3.0 million for the corresponding period in 2020.
  • Synlogic ended the quarter with cash, cash equivalents, and short-term investments of $150.1 million.

SYBX & Ginko update about SYNB1353

On November 9, 2021, Synlogic, Inc. (SYBX) and Ginkgo Bioworks (DNA) announced the nomination of SYNB1353, an investigational Synthetic BioticTM medicine for the treatment of homocystinuria (HCU). SYNB1353 is the first product developed through a research collaboration between Synlogic and Ginkgo and the first investigational medicine developed on Ginkgo’s platform to enter IND-enabling studies. Synlogic expects to file an investigational new drug application with FDA for SYNB1353 and begin clinical development in 2022.

Conclusion

Well, there is no recent news or development about the company so its poor performance on Friday is a bit strange. We are unable to predict how it will commence trading on Monday?

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