In a report released today, Hartaj Singh from Oppenheimer reiterated a Buy rating on Syndax Pharmaceuticals Inc (NASDAQ: SNDX), with a price target of $25. The company’s shares opened today at $14.54.
Singh said:
“Syndax (SNDX) provided two updates yesterday on its Encore 601 clinical trial of combination entinostat/pembrolizumab (Merck’s Keytruda). The first pertained to the lung cancer (NSCLC) cohort of anti-PD-1/PD-L1 experienced patients; SNDX indicated that this cohort had demonstrated the required minimum number of responses (2 out of 20) that would allow for expansion of the cohort to a total of 56 patients. The second update reflected the ASCO abstract for the anti-PD-1/PD-L1 experienced melanoma cohort that progressed to the expansion phase in early March. The ASCO abstract reflects the data available as of February 7 (date of submission); an update by SNDX yesterday indicated that there are now 4 responses (vs. 2 in February).”
According to TipRanks.com, Singh is a 3-star analyst with an average return of 2.8% and a 45.8% success rate. Singh covers the Healthcare sector, focusing on stocks such as Catabasis Pharmaceuticals, Alexion Pharmaceuticals, and Paratek Pharmaceuticals.
Currently, the analyst consensus on Syndax Pharmaceuticals Inc is Strong Buy and the average price target is $25.33, representing a 74.2% upside.
In a report released today, Citigroup also maintained a Buy rating on the stock with a $24 price target.
Based on Syndax Pharmaceuticals Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $305K and GAAP net loss of $12.97 million. In comparison, last year the company earned revenue of $305K and had a GAAP net loss of $10.33 million.
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Syndax Pharmaceuticals, Inc. operates as a clinical development oncology company with a platform based on an epigenetic approach to overcoming the problem of resistance in cancer therapy. It focuses on the development and commercialization of its lead product candidate, entinostat, an epigenetic therapy for treatment-resistant cancers. 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.