H.C. Wainwright analyst Edward White maintained a Buy rating on Syndax Pharmaceuticals Inc (SNDX) today and set a price target of $16. The company’s shares closed yesterday at $6.27.
White commented:
“We are lowering our price target to $16 from $22, due to removing the entinostat in NSCLC and melanoma indications from our valuation. We base our $16 price target on probability-adjusted revenue forecasts for entinostat in combination treatment for advanced HR+, HER2- breast cancer. We use the net present value of our revenue forecast through 2027, apply a 35% POS for HR+, HER2- breast cancer, with a 3x price/sales multiple, and we value the early stage pipeline at $0.28, and year-end 2019 net cash at $0.74. Our P/S multiple of 3x is in-line with Syndax’s peers that range between 2-5x.”
According to TipRanks.com, White is a 5-star analyst with an average return of 11.9% and a 46.5% success rate. White covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Synthetic Biologics Inc, and Karyopharm Therapeutics.
Currently, the analyst consensus on Syndax Pharmaceuticals Inc is a Strong Buy with an average price target of $24.50.
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The company has a one-year high of $15.20 and a one-year low of $3.39. Currently, Syndax Pharmaceuticals Inc has an average volume of 168.9K.
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Syndax Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which 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.
