TD Cowen analyst Phil Nadeau downgraded Syros Pharmaceuticals (SYRS) to Hold from Buy after the company announced that the SELECT-MDS-1 Phase 3 trial failed to meet its primary endpoint and the trial is being discontinued. The firm has removed all tamibarotene estimates from its model, noting that the failure of SELECT-MDS-1 ends Syros’ last active clinical program and triggers an event of default under the terms of the company’s secured loan facility with Oxford Finance.
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Read More on SYRS:
- Syros Pharmaceuticals downgraded to Neutral from Buy at H.C. Wainwright
- Syros downgraded to Market Perform from Outperform at JMP Securities
- Syros Pharmaceuticals downgraded to Hold from Buy at Brookline
- Syros Pharmaceuticals trading resumes
- Syros Pharmaceuticals says SELECT-MDS-1 trial did not meet primary endpoint