Guggenheim Companions initiated protection on Syndax Prescription drugs Inc SNDX with a BUY ranking and a worth goal of $40.
SNDX’s lead asset and principal worth driver is revumenib, an inhibitor of menin in growth for a genetically outlined subset of leukemias that presently haven’t any FDA-approved focused therapies.
The analyst says Syndax’s revumenib is essentially the most superior and probably best-in-class menin inhibitor in growth for hematological and stable cancers in a crowded, aggressive panorama.
The analyst additionally writes that the continued investor debates round menin inhibitors present significant upside alternative as revumenib heads right into a catalyst-rich ~12 months, which incorporates probably stock-moving topline registrational knowledge in late-line KMT2Ar (3Q23) and mNPM1 (2024) acute leukemias in addition to preliminary proof-of-concept knowledge in treatment-naïve AML (YE23) and stable tumors (MSS CRC in YE23).
The corporate’s second program axatilimab partnered with Incyte Pharmaceutical Inc INCY, is {a partially} de-risked and underappreciated asset.
The analyst says the value goal displays 80% PoS for revumenib in R/R acute leukemias and 75% PoS for axatilimab for 3L cGVHD, with further contributions from probability-adjusted revenues within the frontline settings for each brokers.
Worth Motion: SNDX shares are up 0.20% at $20.32 on the final examine Tuesday.
