Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) Sees Significant Increase in Short Interest

Syros Pharmaceuticals, Inc. (NASDAQ:SYRS) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,250,000 shares, an increase of 31.2% from the October 15th total of 952,600 shares. Based on an average daily trading volume, of 448,600 shares, the short-interest ratio is presently 2.8 days. Approximately 6.4% of the shares of the company are sold short.

Syros Pharmaceuticals Price Performance

SYRS stock traded down $0.02 during midday trading on Friday, hitting $0.26. The company’s stock had a trading volume of 6,316,690 shares, compared to its average volume of 569,671. The firm has a market capitalization of $6.96 million, a price-to-earnings ratio of -0.09 and a beta of 1.59. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.97. Syros Pharmaceuticals has a 12 month low of $0.25 and a 12 month high of $8.17. The company has a 50 day moving average of $1.99 and a two-hundred day moving average of $3.75.

Syros Pharmaceuticals (NASDAQ:SYRS) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.08. During the same quarter in the prior year, the company earned ($1.35) earnings per share. On average, analysts expect that Syros Pharmaceuticals will post -2.99 EPS for the current year.

Insider Buying and Selling at Syros Pharmaceuticals

In other Syros Pharmaceuticals news, CFO Jason Haas acquired 35,363 shares of the stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average price of $1.55 per share, for a total transaction of $54,812.65. Following the purchase, the chief financial officer now directly owns 59,915 shares of the company’s stock, valued at approximately $92,868.25. This trade represents a 144.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Conley Chee acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average cost of $1.51 per share, for a total transaction of $75,500.00. Following the acquisition, the chief executive officer now owns 72,504 shares of the company’s stock, valued at $109,481.04. The trade was a 222.18 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 130,707 shares of company stock worth $206,491. Insiders own 12.26% of the company’s stock.

Institutional Investors Weigh In On Syros Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in Syros Pharmaceuticals in the 3rd quarter worth approximately $34,000. Virtu Financial LLC purchased a new stake in Syros Pharmaceuticals during the first quarter valued at $64,000. Acadian Asset Management LLC bought a new position in Syros Pharmaceuticals during the first quarter valued at $91,000. Certuity LLC purchased a new position in shares of Syros Pharmaceuticals in the 2nd quarter worth $109,000. Finally, Kennedy Capital Management LLC bought a new stake in shares of Syros Pharmaceuticals in the 1st quarter worth about $2,166,000. 91.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on SYRS shares. Piper Sandler reissued an “overweight” rating and set a $5.00 price target (down previously from $13.00) on shares of Syros Pharmaceuticals in a report on Tuesday, August 13th. StockNews.com lowered shares of Syros Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, November 4th. TD Cowen restated a “hold” rating on shares of Syros Pharmaceuticals in a research note on Wednesday. Brookline Capital Management reiterated a “hold” rating on shares of Syros Pharmaceuticals in a research report on Wednesday. Finally, JMP Securities restated a “market perform” rating on shares of Syros Pharmaceuticals in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Syros Pharmaceuticals has an average rating of “Hold” and an average target price of $3.33.

About Syros Pharmaceuticals

Syros Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development of treatment for hematologic malignancies. The company's lead product candidates are Tamibarotene, a selective retinoic acid receptor alpha agonist, which is in Phase III clinical trial for genomically defined subset of patients with myelodysplastic syndrome and Phase II clinical trial for patients with acute myeloid leukemia; SY-2101, a novel oral form of arsenic trioxide for treating patients with acute promyelocytic leukemia; and SY-5609, a cyclin-dependent kinase 7 inhibitor, which is in a Phase I clinical trial in patients with select advanced solid tumors.