In a report released today, Hartaj Singh from Oppenheimer maintained a Buy rating on Syndax Pharmaceuticals Inc (NASDAQ: SNDX), with a price target of $29. The company’s shares opened today at $11.99.
Singh said:
“Syndax (SNDX) reported 1Q18 earnings and provided a business update to investors on 5/8. Focus is turning to ASCO 2018 data and the earlier-stage I/O pipeline, although the key Phase 3 PFS readout for lead program E2112 (entinostat +exemestane in advanced HR+, HER2- breast cancer) is coming into view (3Q18). We have previously ascribed a 55% chance of success to Street seems less optimistic. In the interim, we look forward to ENCORE-601 updates at ASCO (abstracts released 5/16), which will include presentations of the Phase 2 data in PD-1 pretreated NSCLC and melanoma, and initial stage I data in PD-1 naïve MSS-CRC —with target response rates of and 20%, 15%, and 15% respectively. We revise our OPEX estimates and remain bullish.”
According to TipRanks.com, Singh is a 5-star analyst with an average return of 19.8% and a 53.6% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Catabasis Pharmaceuticals, and Actinium Pharmaceuticals.
Syndax Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $34.50.
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Based on Syndax Pharmaceuticals Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $19.1 million. In comparison, last year the company had a GAAP net loss of $12.97 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.