After Citigroup and Robert W. Baird gave Syndax Pharmaceuticals Inc (NASDAQ: SNDX) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Edward White reiterated a Buy rating on Syndax Pharmaceuticals Inc today and set a price target of $22. The company’s shares closed yesterday at $5.64.
White said:
“Valuation: We base our $22 price target on probability-adjusted revenue forecasts for entinostat in combination with other drugs in advanced HR+, HER2- breast cancer, NSCLC, and metastatic melanoma. We use the net present value of our revenue forecast through 2027, apply a 35% POS for HR+, HER2- breast cancer, and 15% POS for NSCLC and 10% POS for melanoma, with a 3x price/sales multiple, and we value the early stage pipeline at $10 million, the amount of the upfront payments the company made to acquire the menin inhibitors and SNDX-6352, to arrive at our price target.”
According to TipRanks.com, White is a 5-star analyst with an average return of 13.4% and a 45.9% success rate. White covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Synthetic Biologics Inc, and Karyopharm Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Syndax Pharmaceuticals Inc with a $19.20 average price target, implying a 240.4% upside from current levels. In a report issued on January 4, Robert W. Baird also initiated coverage with 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 September 30, the company reported a quarterly GAAP net loss of $17.34 million. In comparison, last year the company had a GAAP net loss of $19.1 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.
