SYRS - Syros Pharma stock slips after mixed Q2 results & a significant prior runup in shares

Shares of Syros Pharmaceuticals ( NASDAQ: SYRS ) lost as much as 12.8% to $0.85 in Tuesday afternoon trading, after the company reported a mixed set of Q2 numbers and announced preliminary data from a dose-confirmation trial.

It is worth noting that SYRS stock gained 19.4% over the last four sessions after announcing on Aug. 3 that the European drug regulator had backed an orphan drug designation for its lead asset.

Shares of SYRS had pared most of the losses and were trading 2.9% lower as of 1543 ET.

SYRS on Tuesday posted Q2 GAAP EPS of -$0.54 which missed estimates by $0.13 . Its Q2 revenue of $6.28M, however, beat expectations by $1.5M .

Though quarterly revenue rose 21.7% Y/Y, SYRS' total operating expenses for Q2 also increased to $40.05M from $31.31M a year ago, which in turn led to a wider loss.

The company also said that preliminary data from its ongoing dose-confirmation trial of its oral form of arsenic trioxide, SY-2101, showed that SY-2101 achieved exposures comparable to intravenous arsenic trioxide and demonstrated high oral bioavailability.

A notable event for Syros ( SYRS ) in Q2 was its merger agreement with Tyme Technologies ( TYME ).

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