Syndax price target raised to $45 from $33 at JPMorgan

JPMorgan raised the firm’s price target on Syndax (SNDX) to $45 from $33 and keeps an Overweight rating on the shares. The Phase 2 MAXPIRe data for Niktimvo in idiopathic pulmonary fibrosis is expected in Q4, the analyst tells investors in a research note. The firm says that at current share levels, no value being ascribed for the Niktimvo IPF opportunity. Hence, the phase 2 MAXPIRe “card flip is essentially a free call option,” contends JPMorgan. It sees the value of Revuforj and Niktimvo in the refractory commercial setting alone being in the high-$20s to low-$30s per share range.