It’s a very rewarding trading day for investors in Syndax Pharmaceuticals Inc (NASDAQ:SNDX) with shares up over 50%, making the stock Wall Street’s bull of the day. The reason? The biopharmaceutical company announced that the ENCORE 601 non-small cell lung cancer (NSCLC) cohort enrolling patients with disease progression on or after PD-(L)1 therapies has met the pre-specified objective response threshold to advance into the second stage of the Phase II trial. As a result, the company plans to re-open enrollment immediately and enroll a total of 56 patients. Completion of enrollment is anticipated in 1H18.
CEO Briggs W. Morrison said, “We are pleased to report that the entinostat – KEYTRUDA treatment combination has generated objective responses in patients whose disease has progressed on or after PD-1 antagonist therapies […] This data, along with the responses we observed in the melanoma cohort earlier in the year, give us additional confidence in the ability of entinostat to enhance the patient’s response to immunotherapy. We look forward to providing additional details on these patient responses at an appropriate scientific forum.”
“PD-1 therapies have offered important clinical benefit to patients with NSCLC, but unfortunately only a subset of patients respond. There is tremendous need for new combinations to further improve responses to PD-1 therapies. The early data here with several objective responses to the entinostat – pembrolizumab combination in patients with NSCLC who previously progressed on PD-1 therapy is promising and certainly worth additional investigation,” said Matthew D. Hellmann, M.D., medical oncologist and immunotherapy expert at Memorial Sloan Kettering Cancer Center.
On the ratings front, SNDX has been the subject of a number of recent research reports. In a report issued on May 8, Oppenheimer analyst Hartaj Singh reiterated a Buy rating on SNDX, with a price target of $25, which represents a potential upside of 131% from where the stock is currently trading. On the same day, Cowen’s Chris Shibutani reiterated a Buy rating on the stock as well.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Hartaj Singh and Chris Shibutani have a yearly average loss of 0.1% and a return of 21.8% respectively. Singh has a success rate of 44% and is ranked #3219 out of 4566 analysts, while Shibutani has a success rate of 61% and is ranked #403.
Syndax Pharmaceuticals, Inc. operates as a clinical development oncology company with a platform based on an epigenetic approach to overcoming the problem of resistance in cancer therapy. It focuses on the development and commercialization of its lead product candidate, entinostat, an epigenetic therapy for treatment-resistant cancers.