B.Riley FBR Thinks Syndax Pharmaceuticals Inc’s Stock is Going to Recover

B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Syndax Pharmaceuticals Inc (NASDAQ: SNDX) today and set a price target of $40. The company’s shares opened today at $8.74, close to its 52-week low of $7.70.

Kumar observed:

“Yesterday morning, 5/17, Syndax Pharmaceuticals (SNDX) announced a clinical update from the Phase II ENCORE 601 trial of lead asset entinostat in combination with PD-1 inhibitor Keytruda across various solid cancers. We believe intraday weakness is an overreaction to the impact of these immuno-oncology (I-O) combinations on SNDX valuation, which we consider attractive in light of the opportunity for entinostat in Phase III studies in hormone receptor-positive (HR +) breast cancer and downstream pipeline candidates. We thus reiterate our SNDX Buy rating and $40 price target.”

According to TipRanks.com, Kumar is a top 100 analyst with an average return of 42.1% and a 63.6% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Clementia Pharmaceuticals Inc.

Currently, the analyst consensus on Syndax Pharmaceuticals Inc is Strong Buy and the average price target is $31, representing a 254.7% upside.

In a report issued on May 9, Oppenheimer also maintained a Buy rating on the stock with a $29 price target.

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The company has a one-year high of $15.43 and a one-year low of $7.70. Currently, Syndax Pharmaceuticals Inc has an average volume of 357.4K.

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Syndax Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which 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.