Citi Upgrades Syndax Pharmaceuticals (SNDX) to Buy

Citi analyst Joel Beatty upgraded Syndax Pharmaceuticals (NASDAQ: SNDX) from Neutral to Buy with a price target of $23.00 (from $26.00).

The analyst comments "We’re upgrading to Buy/High Risk and decreasing our TP to $23 (-$3) after the failure of the phase 3 trial of SNDX’s entinostat for breast cancer. As discussed in our downgrade on May 18th; Promising Pipeline, but Fairly Valued Heading in 2Q20 Ph3 Entinostat Results), we see the stock settling around $17/share near-term, given the ph3 failure. We’re now upgrading to Buy because we view SNDX-5613 and Axatilimab as promising pipeline agents with meaningful data providing compelling early validation, and we see favorable risk/reward heading into additional phase 2 data for both agents in 4Q20."

For an analyst ratings summary and ratings history on Syndax Pharmaceuticals click here. For more ratings news on Syndax Pharmaceuticals click here.

Shares of Syndax Pharmaceuticals closed at $20.50 yesterday.

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