Syndax Pharmaceuticals (SNDX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Edward White from H.C. Wainwright reiterated a Buy rating on the stock and has a $41.00 price target.
Edward White has given his Buy rating due to a combination of factors, including Syndax Pharmaceuticals’ promising drug developments and strategic partnerships. The company’s lead drug, revumenib, is an orally available inhibitor targeting a specific form of leukemia, showing enough potential to receive FDA priority review. With a planned launch in the fourth quarter of 2024, initial sales are projected at $9 million, expected to burgeon to $514 million by 2029. This optimism is bolstered by the drug’s selective action and the significant unmet need in acute leukemia treatment.
Additionally, Syndax’s collaboration with Incyte for the co-commercialization of axatilimab, a treatment for chronic graft versus host disease, strengthens the company’s position. Axatilimab has also received FDA Fast Track Designation, with sales forecast to start at $6 million and rise to $172 million in the next seven years. White’s valuation incorporates a comprehensive analysis of potential revenue, factoring in a 75% probability of success and a discount rate reflective of industry standards. His reiteration of a Buy rating, alongside a $41 price target, is based on a discounted revenue forecast through 2029 and an alignment with peer group valuation multiples.
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Syndax Pharmaceuticals (SNDX) Company Description:
Syndax Pharmaceuticals, Inc. engages in the development of cancer therapies. Its products include candidate and entinostat. The company was founded by Richard A. Heyman, Eckard Weber, Peter Ordentlich, Ronald M. Evans and Michael Downes on October 11, 2005 and is headquartered in Waltham, MA.
