Syndax Pharmaceuticals (SNDX) PT Lowered to $29 at B.Riley

B.Riley analyst Kalpit Patel lowered the price target on Syndax Pharmaceuticals (NASDAQ: SNDX) to $29.00 (from $36.00) while maintaining a Buy rating.

The analyst comments "On Monday (3/3), Syndax (SNDX — Buy, $29 PT) reported 4Q24 earnings and provided initial launch metrics for Revuforj. The drug generated $7.7M in net revenue within its first five weeks, exceeding the consensus estimate of $2M for 4Q24. This early performance suggests encouraging traction in the KMT2Ar population, and we have adjusted our FY25 revenues marginally higher. For the NPM1m population, SNDX remains on track to complete the sNDA filing in 2Q25, with potential FDA approval by year-end. We believe SNDX is well-positioned to compete in the r/r AML space, leveraging its first-mover advantage. However, we are adjusting our long-term frontline revenue projections for Revuforj in light of anticipated increased competition (link to our ASH/menin update note). We maintain our Buy rating but adjust our PT from $36 to $29."

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Jefferies on Five Below (FIVE): 'Our latest channel checks reinforce our view that FIVE's momentum extends well beyond viral Squish trends'
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c