Here's Why Syros Pharmaceuticals Got Crushed Today

Shares of Syros Pharmaceuticals (NASDAQ: SYRS) dropped by as much as 49.1% Monday after the company provided a clinical update on its lead drug candidate. Investors probably couldn't tell by the press release, which had a rosy takeaway on the news, but just one of 48 evaluable patients taking SY-1425 as a potential stand-alone treatment for acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS) had a complete response.

The phase 2 trial for the two bone marrow diseases remains ongoing, but the company will instead focus on the potential for SY-1425 to be used in a combination therapy with both azacitidine, a standard chemotherapy drug, and Darzalex from Johnson & Johnson. As of 12:42 p.m EST, the stock had settled to a 29.8% loss.

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Source: Fool.com