B.Riley FBR analyst Harshita Polishetty reiterated a Buy rating on Syndax Pharmaceuticals Inc (SNDX) today and set a price target of $26. The company’s shares closed yesterday at $7.81.
Polishetty commented:
“On the evening of Monday (05/06), Syndax (SNDX) announced 1Q19 results and provided a corporate update on its pipeline. The most notable event the company reported was the passing of the fourth interim overall survival (OS) analysis for the E2112 trial, which is investigating the combination of entinostat plus exemestane in HR+, HER2- breast cancer. The trial continues, with the next preplanned analysis scheduled for 4Q19, which we think is critical for entinostat’s success. We expand on this further below. Taken as a whole, we continue to believe the entinostat launch will likely be a 2021 event, and remain focused on the potential of entinostat in HR+, HER2- breast cancer, and look forward to the next OS interim look guided for November 2019. We reiterate our Buy rating and $26 price target.”
According to TipRanks.com, Polishetty is a 3-star analyst with an average return of 6.8% and a 46.7% success rate. Polishetty covers the Healthcare sector, focusing on stocks such as Karyopharm Therapeutics, G1 Therapeutics Inc, and ChemoCentryx.
Syndax Pharmaceuticals Inc has an analyst consensus of Strong Buy, with a price target consensus of $18.67, implying a 139.1% upside from current levels. In a report released yesterday, Cowen & Co. also maintained a Buy rating on the stock.
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The company has a one-year high of $11.99 and a one-year low of $3.39. Currently, Syndax Pharmaceuticals Inc has an average volume of 187.1K.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SNDX in relation to earlier this year.
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Syndax Pharmaceuticals, Inc. engages in the development of cancer therapies. Its products include candidate and entinostat. The company was founded by Richard A. Heyman, Eckard Weber, Peter Ordentlich, Ronald M. Evans and Michael Downes on October 11, 2005 and is headquartered in Waltham, MA.
