Synlogic (NASDAQ:SYBX) Stock Crosses Below 50 Day Moving Average – Here’s Why

Synlogic, Inc. (NASDAQ:SYBX)’s share price crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.66 and traded as low as $0.6001. Synlogic shares last traded at $0.70, with a volume of 10,121 shares changing hands.

Synlogic Price Performance

The company has a market cap of $8.30 million, a P/E ratio of -2.73 and a beta of 0.56. The business has a fifty day simple moving average of $0.66 and a two-hundred day simple moving average of $0.77.

Hedge Funds Weigh In On Synlogic

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC bought a new stake in Synlogic during the third quarter valued at approximately $49,000. Renaissance Technologies LLC increased its holdings in Synlogic by 116.7% during the fourth quarter. Renaissance Technologies LLC now owns 85,627 shares of the biotechnology company’s stock valued at $96,000 after buying an additional 46,117 shares during the last quarter. Finally, DRW Securities LLC bought a new position in Synlogic in the fourth quarter worth approximately $27,000. Hedge funds and other institutional investors own 63.40% of the company’s stock.

Synlogic Company Profile

Synlogic, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of synthetic biotics to treat metabolic diseases in the United States. Its pipeline include SYNB1618, an orally administered, non-systemically absorbed drug candidate to treat phenylketonuria; SYNB1934, an orally administered, non-systemically absorbed drug candidate, which is in Phase III clinical trial to treat phenylketonuria; SYNB1353, an orally administered, non-systemically absorbed drug candidate, which is in Phase I clinical to treat homocystinuria; SYNB8802, an orally administered, non-systemically absorbed drug candidate that is in Phase II clinical trial for the treatment of enteric hyperoxaluria; and SYNB2081 to lower uric acid for the potential treatment of gout.