BofA raised the firm’s price target on Syndax (SNDX) to $27 from $26 and keeps a Buy rating on the shares after the FDA approved the sNDA for Revuforj for treatment of relapsed or refractory acute myeloid leukemia with a susceptible nucleophosmin 1 mutation, but “notably” added QTc prolongation to the Black Box warning. Putting negative optics aside, the firm would argue the reaction in the stock was “overdone” as it sees the warning being ultimately unlikely to impact prescribing decisions in the relapsed or refractory AML setting.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SNDX:
- Buy Rating Reaffirmed for Syndax Pharmaceuticals Despite Black Box Warning on Revuforj
- Buy Rating for Syndax Pharmaceuticals Driven by FDA Approval of Revuforj and Market Expansion Potential
- Syndax Pharmaceuticals Gains FDA Approval for Revuforj
- Syndax trading resumes
- Syndax confirms FDA approves second indication for Revuforj