Promising Potential of Syndax Pharmaceuticals’ Revuforj Drives Buy Rating

Analyst Justin Zelin of BTIG reiterated a Buy rating on Syndax Pharmaceuticals (SNDX – Research Report), with a price target of $43.00.

Justin Zelin has given his Buy rating due to a combination of factors that highlight the promising potential of Syndax Pharmaceuticals’ lead candidate, Revuforj (revumenib). The company reported encouraging data from their AUGMENT-101 and BEAT-AML studies, showcasing significant efficacy in treating difficult-to-treat acute myeloid leukemia (AML) patients. The positive response rates, particularly in patients with various genetic subtypes and prior treatment histories, suggest Revuforj’s potential as a differentiated therapeutic option in the AML landscape.
Furthermore, the survival benefits observed in the BEAT-AML study provide a strong foundation for the ongoing Phase 3 EVOLVE-2 study, reducing associated risks. The updated data from the BEAT-AML trial also demonstrated impressive overall response rates and safety profiles, reinforcing the drug’s potential impact. These clinical advancements, coupled with a robust valuation model, underpin Zelin’s confidence in Syndax Pharmaceuticals’ future performance, leading to the Buy rating and a price target of $43.

In another report released on June 5, Jefferies also maintained a Buy rating on the stock with a $43.00 price target.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SNDX in relation to earlier this year.