Syndax Pharmaceuticals Inc Receives a Rating Update from a Top Analyst

B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Syndax Pharmaceuticals Inc (NASDAQ: SNDX) today and set a price target of $40. The company’s shares opened today at $11.56.

Kumar wrote:

“Tuesday, after market close, 5/8, Syndax Pharmaceuticals (SNDX) announced 1Q18 earnings and provided a corporate update. While we reiterate that the key potential upside event for SNDX shares remains the Phase III readout for lead asset entinostat combined with exemestane in hormone receptor-positive breast cancer (HR+ BC) guided for 3Q18, we note that Phase II data combining entinostat with PD-1 inhibitor Keytruda in solid cancers to be presented at the Oncology (ASCO) meeting June 2-5, 2018 could prove near-term potential upside. We thus reiterate our SNDX Buy rating, $40 price target, and Syndax’s status as one of our Out-the-Gate 2018 picks.”

According to TipRanks.com, Kumar is a top 100 analyst with an average return of 42.2% and a 63.4% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.

Currently, the analyst consensus on Syndax Pharmaceuticals Inc is Strong Buy and the average price target is $30.33, representing a 162.4% upside.

In a report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $29 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 $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.