Syncona shares crack 8% as Gyroscope delays Wall Street IPO

Summary

  • Shares of Syncona fell a little more than 8 per cent on Friday
  • The stock opened marginally lower in the opening deals
  • Shares cracked after investors were apprised of Gyroscope IPO delay

 

Shares of Syncona Ltd (LON: SYNC), the London-headquartered pharmaceutical company, fell a little more than 8 per cent on Friday, 7 May, after its portfolio company Gyroscope Therapeutics Holdings Plc delayed the plans for the anticipated initial public offering (IPO) on Wall Street due to the tightened market conditions.

Subsequent to the development, stock of Syncona fell sharply in the wee hours of trading after opening marginally lower. According to the latest data available with the London Stock Exchange, the stock of Syncona shed as much as 8.08 per cent to a 6-month bottom of GBX 217.83 in the morning session from the previous closing price of GBX 237.

Syncona shares (7 May)

(Source: Refinitiv, Thomson Reuters)

Unusually high trading volumes were seen in the shares of Syncona after the company disclosed the plan of Gyroscope IPO postponement. Up until 1501 BST, over 5.03 million shares of Syncona exchanged hands, translating into a total traded turnover of more than £1.13 million.

The stock of Syncona has managed to overcome the bottoms made during the initial Covid crash, but it is trading in the negative region on a year-to-date (YTD), as well as on a 6-month trading scale.

Gyroscope Therapeutics is a gene therapy company, operating under the umbrella of Syncona with focus on treating eye diseases including vision loss and blindness through gene therapy

Gyroscop’s lead investigational gene therapy, GT005, is under Phase 2 of clinical trials for the treatment of geographic atrophy and age-induced macular degeneration. Both of these have been the primary of vision loss and complete blindness. The United States Food and Drug Administration has already awarded a fast track designation to GT005 for the treatment of people suffering from geographic atrophy.

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