Oppenheimer analyst Hartaj Singh maintained a Buy rating on Syndax Pharmaceuticals Inc (NASDAQ: SNDX) today and set a price target of $29. The company’s shares opened today at $7.39, close to its 52-week low of $6.10.
Singh commented:
“Syndax (SNDX) reported 2Q18 earnings and provided a business update to investors on 8/7. The stock performance in 2018 has been puzzling (YTD down 17.1% vs. NBI E2112 clinical readouts for PFS in 3Q18 and ongoing OS readouts in 2018E/19E, a substantial early/mid-stage pipeline of entinostat across various tumor types, and an impressive preclinical pipeline. We believe that OPEX burn has been a concern, as has a slowdown in entinostat progression to mid/late-stage development. While entinostat has lost some shine in I/O, we still believe it is approvable in melanoma, at minimum. It seems that investors are starting to discount worst-case scenarios at the current SNDX valuation; we adjust OPEX estimates and reiterate our bullish thesis.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 9.9% and a 49.7% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Catabasis Pharmaceuticals, and Actinium Pharmaceuticals.
Currently, the analyst consensus on Syndax Pharmaceuticals Inc is a Strong Buy with an average price target of $30.25, which is a 309.3% upside from current levels. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $30 price target.
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Based on Syndax Pharmaceuticals Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $19.4 million. In comparison, last year the company had a GAAP net loss of $13.64 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.
