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.
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