RHHBY - Syros jumps after Phase 2 data for leukemia therapy

2023-12-06 13:46:53 ET

Syros Pharmaceuticals ( NASDAQ: SYRS ) added ~41% on Wednesday after the Massachusetts area biotech disclosed early data from a Phase 2 trial evaluating its oral leukemia drug, tamibarotene, as a combination therapy.

Based on data from 19 patients who joined its SELECT-AML-1, Syros ( SYRS ) said that tamibarotene as part of a triplet regimen led to a 100% complete response rate (C( R )) or a complete response with incomplete hematologic recovery (CRi).

The CR/Cri rate was the primary objective of SELECT-AML-1 which enrolls 23 newly diagnosed, unfit patients with acute myeloid leukemia (AML) who were positive for RARA gene overexpression.

The group who indicated a 100% CR/CRi rate received tamibarotene with azacitidine, chemotherapy, and venetoclax, an oral blood cancer drug marketed by Roche ( OTCQX:RHHBY ) ( OTCQX:RHHBF ) and AbbVie ( ABBV ) as Venclexta. The other group who received azacitidine plus venetoclax indicated a 70% CR/Cri rate.

The median duration of treatment stood at 66 days for those who received the triplet regimen and 75 days for the azacitidine plus venetoclax group.

The experimental therapy with azacitidine and venetoclax continued to indicate a favorable tolerability profile, Syros ( SYRS ) said. Additional enrollments for the trial are ongoing, and the company expects to share updated data in 2024.

After the readout, Piper Sandler, with an Overweight rating on the stock, raised its price target to $13 from $7 per share, citing an “unprecedented” 100% CR/Cri rate and a 78% CR rate found in the triplet group.

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