Syndax Pharmaceuticals Inc (NASDAQ:SNDX) announced yesterday 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.
Syndax shares reacted to the news, rising over 40% to $13.28 in Wednesday’s trading session.
Cowen analyst Chris Shibutani commented, “We are highly encouraged by the positive interim phase II data top-line data reported in IO pretreated NSCLC and melanoma patients and see heightened potential for further positive data readouts from the Entinostat + Keytruda combination studies.”
“We view the activity of the Entinostat+Keytruda combination in IO pretreated NSCLC patients as unexpected and impressive, and further confirms the combination’s activity seen in the IO pretreated melanoma patients.”
As such, Shibutani reiterates an Outperform rating on Syndax shares, without suggesting a price target.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Shibutani has a yearly average return of 21.8% and a 61% success rate. Shibutani is ranked #403 out of 4566 analysts.
As of this writing, all the 7 analysts polled by TipRanks (in the past 12 months) rate Syndax stock a Buy. With a return potential of 93%, the stock’s consensus target price stands at $25.33.