Syros Pharmaceuticals prices IPO below range, closes first day up 45%
July 01, 2016
Syros Pharmaceuticals has priced its offering at $12.50 per share—below its expected range of $14 to $16—raising $50 million in the process. Trading on the NASDAQ under the symbol SYRS, the stock closed the day at $18.15, up 45.2%. Syros is developing medicines that control the expression of disease-driving genes; VC backers include Flagship Ventures (23.5% pre-IPO stake), ARCH Venture Partners (22.6%) and Fidelity (9.8%).