In a report released yesterday, Hartaj Singh from Oppenheimer maintained a Buy rating on Syndax Pharmaceuticals Inc (SNDX), with a price target of $13. The company’s shares closed yesterday at $4.86, close to its 52-week low of $4.36.
Singh wrote:
“Syndax (SNDX) reported 3Q18 earnings and provided a business update to investors on 11/5. There were few incremental updates since the investor call held on 10/25 to discuss the negative E2112 PFS readout and the registration trial for entinostat+pembrolizumab in NSCLC, but management did provide lower than expected 4Q18/FY19 guidance indicative of more focused and prudent R&D spend. We continue to note the impressive amount of development programs and near-term clinical catalysts for a sub-$150M market cap company.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 5.5% and a 40.8% success rate. Singh covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Strongbridge Biopharma Plc, and Catabasis Pharmaceuticals.
Currently, the analyst consensus on Syndax Pharmaceuticals Inc is a Strong Buy with an average price target of $18.80, implying a 286.8% upside from current levels. In a report issued on October 22, B.Riley FBR also reiterated a Buy rating on the stock with a $40 price target.
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Based on Syndax Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $18.39 million. In comparison, last year the company had a GAAP net loss of $15.09 million.
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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.
