Buy Rating for Syndax Pharmaceuticals Amid Strong Financials and Promising Drug Candidate

H.C. Wainwright analyst Edward White reiterated a Buy rating on Syndax Pharmaceuticals (SNDX – Research Report) today and set a price target of $41.00.

Edward White has given his Buy rating due to a combination of factors surrounding Syndax Pharmaceuticals. White acknowledged the company’s firmer-than-expected financial performance in the first quarter of 2024, with a smaller loss per share than projected by consensus estimates. This was coupled with a solid cash position that is anticipated to support the company’s operations through 2026, thereby reducing immediate liquidity concerns. Additionally, the company’s discipline in adhering to its research and development (R&D) and overall operating expense guidance for the fiscal year demonstrates careful financial management.

The optimism in the rating is further bolstered by the upcoming potential approvals of Syndax’s drug candidate revumenib, which has shown promise in clinical trials. Revumenib’s designation as a Breakthrough Therapy for certain acute leukemia cases and the FDA’s priority review status underscore its potential. The positive clinical trial results, with significant response rates and the majority of complete remission cases being MRD-negative, suggest strong efficacy. Moreover, the preparation for a full sales force ahead of the anticipated approval indicates readiness for commercialization, which could lead to substantial revenue growth for Syndax Pharmaceuticals in the coming years.

In another report released today, Barclays also maintained a Buy rating on the stock with a $32.00 price target.

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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.