Share Name Share Symbol Market Type Share ISIN Share Description
Syncona Limited LSE:SYNC London Ordinary Share GG00B8P59C08 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -2.50 -1.13% 218.00 801,446 16:35:16
Bid Price Offer Price High Price Low Price Open Price
219.50 220.00 226.00 219.50 226.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 34.63 6.78 1.03 211.7 1,447
Last Trade Time Trade Type Trade Size Trade Price Currency
17:14:22 O 800 217.989 GBX

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Date Time Title Posts
08/12/201910:57Wellcome to Syncona443
28/1/201702:52Welcome to Syncona 2
20/12/201615:28Synchronica - Mobile Technology - 20124,755
08/3/201200:18Synchronica SYNC - Mobile Phone Technology - 20113,347
05/3/201213:48SYNC - formerly DAT Group12

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Syncona Daily Update: Syncona Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker SYNC. The last closing price for Syncona was 220.50p.
Syncona Limited has a 4 week average price of 218.50p and a 12 week average price of 214.50p.
The 1 year high share price is 303.50p while the 1 year low share price is currently 212p.
There are currently 663,665,537 shares in issue and the average daily traded volume is 296,175 shares. The market capitalisation of Syncona Limited is £1,446,790,870.66.
luxaeterna1: The NASDAQ market likes the recent updates from Autolus. Share price up 50% (valuation up $250m) in 1 month.
luxaeterna1: The SYNC share price continues a strong trend, while the AUTL price shows weakness. Perhaps related to Woodford's holding (forced sell?) and market waiting for the Q3/Q4 CAR-T updates.
tiger blue: From CITYWIRE - good summary. Syncona left with £915m cash mountain after Blue Earth sale By Michelle McGagh / 05 Jul, 2019 Syncona left with £915m cash mountain after Blue Earth sale Syncona (SYNC), the UK’s largest, stock market listed life sciences fund, is sitting on a cash pile of nearly £1 billion after last week’s decision to accept a bid for prostate cancer imaging business Blue Earth Diagnostics. The FTSE 250 investment trust will receive £337 million for its 89% stake in Blue Earth, its second largest investment, from the $450 million (£354.3 million) sale of the business to Bracco Imaging of Italy, a global leader in diagnostic imaging, plus a closing adjustment payment of $25 million. This is 10-times more than its original investment of £35.5 million when it founded the firm with academics five years ago and represents an 87% internal rate of return for Syncona. The sale is the second big deal the £1.5 billion trust has done this year after making £254 million from the sale of eye disease specialist Nightstar Therapeutics to Swiss business Biogen. The proceeds from both disposals more than double the £400 million capital pool Syncona had at 31 March to £915 million leaving the portfolio around 70% in cash. While this leaves the company with plenty to invest in new and existing portfolio businesses its risks cash drag depressing returns while the money waits to be redeployed. Freeline, which focuses on gene therapy for liver diseases, retinal gene therapy business Gyroscope, and lung cancer gene therapy company Achilles, have all benefited from investment this year and the trust has said it will step up the level of investment over coming years. It has increased its guidance on how much it plans to invest each year from £75-150 million to £100-200 million. Martin Murphy, chief executive of Syncona Investment Management, said the sale of Blue Earth ‘demonstrates the success of Syncona’s strategy to found, build, and fund innovative companies’. He said in five years the company had completed clinical development, secured its first product approval, delivered a successful commercial treatment used on 50,000 prostate cancer patients and achieved profitability. Murphy told analysts the decision to sell Blue Earth was a difficult one but that the prospect of growing competition for its main product Axumin tilted the balance towards an exit and recycling its capital. The transaction provides a ‘significant’ boost adding 10.4p to net asset value (NAV) per share of around 201p, said Syncona broker Numis Securities. The uplift would have been higher but was offset by the poor performance from its quoted holdings, notably Autolus, whose shares have halved since March after their flotation on Nasdaq, the US technology exchange, last year. Autolus is the one investment Syncona shares with Neil Woodford and its declining share price adds to the pressure on his Patient Capital (WPCT) investment trust as it struggles in the aftermath of the suspension of his main Equity Income fund. Syncona shares, which are key holdings of Witan (WTAN) and BMO Managed Portfolio Growth (BMPG), have been flat since the announcement of the Blue Earth sale on 27 June. At 220p today they stand at around 10% above NAV a much reduced premium from the 51% they traded at in March before Wellcome Trust reduced its stake and Autolus shares started to slide. Jefferies analysts Ken Rumph and Lyra Li commented: ‘The transaction is another validation to SYNC's strong investment capability and business model after Nightstar's disposal and Autolus' listing, and will bring its capital pool to £963 million (146p/share), c.72% of current NAV: cash drag a problem of success?’ Ewan Lovett-Turner of Numis said the disposal showed Syncona’s portfolio is ‘likely to be highly attractive to the major biotechnology companies, and highlights the conservative nature of its valuations’. ‘We believe that Syncona is a unique vehicle with outstanding management. Syncona’s share price has been relatively weak recently, down 11.2% since 31 March, which we believe largely reflects the weakness in Autolus,’ he said.
tiger blue: 1seanshare, my 10p's worth (I was 35 years in the market so know a bit about how things operate) there are 2 main factors at work here: 1 Sync was founded on the basis of long term holds - start with the science, prove it, take it to market and hold for the profits. They have now sold two positions perhaps earlier than people expected, so some have questioned if they are sticking to their stated modus operandi. 2 Cash drag - probably the main factor here. Brokers don't like to sit on cash and they don't like their companies to sit on cash. Analysts are saying that SYNC has too much cash sitting there doing nothing, ie acting as a 'drag' on the share price and they now have c £1 billion, but only projecting investing at the rate of £100-200 million per annum. Some are also worried that the Wellcome Trust holding is an overhang on the share price - because they reduced the position they must want to sell the rest. I'm not so concerned now they have got their original investment back. I am more relaxed than the market as I would rather they sat on the cash until they have a decent reason to invest it, and so far they have proved very savvy at generating a very high IRR on their investments. Gene therapy market potential is vast, and they are founding new companies more quickly now, which will need proper investment when the time is right, for which they have the war chest. They can also easily afford to increase the Autolus holding if Mr Woodford can be persuaded to sell.
tiger blue: Autolus - good audio Q&A by CEO on the Autolus website from the Jefferies Healthcare Conference 5th June. You need to register and it's 25 minutes, but he addresses the share price & Woodford, calling it a price dislocation, implying technically weak on Woodford but no bearing on company progress. All of the Autolus programmes are covered, very promising so far with effectiveness as good as the best out there but with far lower toxicity and side effects, due to their engineered T-cells being given an 'off switch' once they have done their work. Worth a listen.
robow: from Investment Trust Insider Syncona’s funds boss exits as Bacit portfolio wound down By Vicky McKeever 15 Mar, 2019 Syncona’s funds boss exits as Bacit portfolio wound down Arabella Cecil, head of fund investments at Syncona (SYNC), is leaving the top-performing life sciences investment trust after the company decided to sell most of her portfolio which was hit hard by stock market falls at the end of last year. Cecil was chief financial officer at the Battle Against Cancer Investment Trust (Bacit), an innovative fund that persuaded the fund managers in which it invested to waive their fees so the money could be donated to research into fighting the disease. At the end of 2016 it merged with Syncona Partners, the investment arm of the Wellcome Trust, to form the UK's largest listed life sciences fund with a current market value of £1.6 billion. For the past two years Syncona has used the legacy Bacit portfolio of hedge and absolute return funds as a pool of capital to finance successful investments in 10 start-up life sciences companies. These include cancer specialists Autolus and Nightstar which it helped found and float on the Nasdaq, the US technology stock exchange, last year. At the end of December, Cecil's funds portfolio stood at £282 million, alongside £130 million of cash, having generated £40 million of gains since the merger. However, according to Syncona's broker Numis Securities, it fell 8.7% in the fourth quarter as global stock markets tumbled. Although this was less than the 10.2% slide in the FTSE All-Share, it was a disappointing performance for a portfolio that sought to minimise stock market volatility and was equivalent to a £3.9 million loss. This week Syncona announced it would wind down the funds portfolio in the next three-to-six months and hold more cash and cash equivalents. Its aim was to focus on 'liquidity and capital preservation' it said. Cecil will remain with Syncona while the portfolio is run down. Syncona chief executive Martin Murphy said: 'I would like to thank our head of fund Investments, Arabella Cecil, for her great contribution to Syncona, successfully managing the fund investments as part of our strategic pool of capital to enable us to fund our vision to create global leaders in life science.' Cecil's departure will leave two senior directors from Bacit at Syncona: Thomas Henderson, the brother of fund manager James Henderson, who founded the investment trust in 2012 and who sits on its board as a non-executive director; and Jeremy Tigue, the former F&C (FCIT) fund manager who has been its chairman since launch. The plan to liquidate the old Bacit funds portfolio comes as Syncona's red-hot share prices shows signs of cooling down. Investor excitement at Syncona's apparent prowess in backing the right firms at the cutting edge of diagnostic developments has seen its shares nearly double in the past three years, rising nearly 33% last year alone to peak earlier this month at a 51% premium over net asset value (NAV). However, since 4 March, when the company revealed it would receive a £135 million windfall from the £633 sale of Nightstar to Biogen, the shares have fallen 16% or 47.5p to 247p as the premium has halved to 26% over NAV. A sale this week by Wellcome Trust of 57 million or 8.7% of Syncona shares may help set a new floor for the price. The shares were placed with institutional investors at 245p, a 5% discount to their share price on Wednesday's close. Wellcome had planned to sell 45 million shares but increased the amount it was disposing in response to investor demand, according to Numis. It made £141 million, retains a holding of 28.1% in Syncona and has undertaken not to sell any more for 180 days. .
tiger blue: Syncona is an investment trust whose business is life sciences, since the Wellcome deal the investment funds side is there ONLY to fund the life sciences business, they have simply chosen to accelerate the encashment of this. NEGATIVES- no dividend (this was funded from the income on the funds side). Increased cash drag, short term excess cash earning relatively little. I suspect this is what continues to pressure the share price. POSITIVES - reduced volatility from funds market exposure and greater certainty of available cash to fund projects. They clearly feel the existing portfolio and any additions under consideration are of sufficient quality that they will justify having the cash available to deploy in the relatively short term. Very little cash is spent in the earliest stages, perhaps a million or two during the investigative process, but once there is confidence in the science the spending ramp up may be significant. They view investee businesses in terms of what they are capable of being worth if successful, typically £500m or £1bn candidates. Autolus is fairly well known now, but look at Gyroscope which has just dosed the first patient for dry AMD. That is a huge market which would dwarf the rare retinal diseases targeted by the now sold Nightstar, but as it progresses may deserve major investment. One other point - I was fortunate to attend the institutional investor day at Wellcome after the Syncona deal was originally announced. There were a lot of interested US investors there but that has not yet translated into major holdings, I queried this much later and was told that the US investors prefer a pure play and could not get their head round the hybrid nature, or at least would not invest with the funds side still attached. This may be another reason they have accelerated the drawdown, perhaps with the encouragement of new joint broker Goldman Sachs, who will find it easier to market the company now to US institutions.
tiger blue: Thoughts on Nightstar sale, share price reaction and dividend: Lack of strength in the share price may seem odd given the large premium paid by Biogen for Nightstar. This is due to some surprise over an apparent change in strategy in not taking the product all the way to market, and the fact that Syncona already trade at a premium to nav, ie some of the expected upside was already factored in. There has also been some broker comment on 'cash drag', in that the proceeds will in the short term simply add to the cash pile and will not add value until further new investments are found. For what it's worth I am happy to trust management's view that this was the appropriate exit, the Nightstar trials are not without risk, and I don't think the overall longer term approach has changed. I am also happy for them to carry excess cash to fund new projects, where they seem to have stepped up the pace lately, at least in terms of actually signing deals. Dividend - much as I, like most private investors, appreciate some regular income I would be wary about expecting a dividend increase this year, in fact you may see the opposite. This is not from any position of weakness and they have made decent gains, but the life sciences sector they are increasingly in as the funds side is sold down traditionally seeks capital growth not income. If you are in any doubt I would refer you to their last annual statement: “The Board will review the dividend policy over the next 12 months as Syncona moves further towards becoming predominantly invested in life science.” As a now retired broker I know the company very well, having met them many times since supporting the original launch of BACIT at 100p, but couldn't comment before for obvious moral and compliance reasons with clients holding the stock. I have what any sensible person would deem far too big a percentage of my own assets in Syncona, but these are world class individuals in their field with early access to some of the best ideas coming out of the UK and beyond, and I think it has all the ingredients for continued success over the long term.
sev22: It says under the Investors section on Syncona's website that they are issuing a Quarterly Statement next Wednesday the 13th of February. Hopefully this will help push the share price back to £3.00 plus.
luxaeterna1: Share price is a bit perky the last few days..good to see. Been some ok PR recently and the Autolus/BED rollout seems to be going well. With BED having annual sales of ~ £70mpa a while ago, profitable and growing quickly, I wonder if we could say that £200mpa sales is perhaps 18 months away?
Syncona share price data is direct from the London Stock Exchange
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