Why Is Syros Pharmaceuticals (SYRS) Stock Down 62% Today?

Core Viewpoint - Syros Pharmaceuticals is discontinuing enrollment in its SELECT-AML-1 Phase 2 clinical trial due to interim analysis results indicating that the trial is unlikely to meet its primary endpoint [1][2]. Group 1: Clinical Trial Update - The SELECT-AML-1 Phase 2 clinical trial was assessing the effectiveness of tamibarotene in combination with venetoclax and azacitidine for treating acute myeloid leukemia (AML) patients with RARA gene overexpression [2]. - Data from 51 patients showed similar complete response rates when compared to the treatment using only venetoclax and azacitidine, suggesting limited efficacy of the combination therapy [2]. Group 2: Stock Market Reaction - Following the clinical trial update, Syros Pharmaceuticals' stock is down 62.3% as of Tuesday morning, and it has decreased 36.1% year-to-date as of the previous market close [3]. - The trading volume for SYRS stock has significantly increased, with nearly 1 million units traded, compared to the daily average of about 118,000 shares [3].