Chardan downgraded Synlogic to Neutral from Buy and withdrew the firm’s prior price target after the company announced that it is discontinuing its pivotal phase 3 Synpheny-3 trial of labafenogene marselecobac for PKU and will cease operations while its board conducts an assessment of strategic options. The firm had been “optimistic” about a positive result based on the data from the phase 2 SynPheny-1 study evaluating SYNB1934 and says there is “nothing for us to be proud of here” in its downgrade.
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