BofA Securities analyst Jason Zemansky lowered the price target on Syndax Pharmaceuticals (NASDAQ: SNDX) to $26.00 (from $29.00) while maintaining a Buy rating.

The analyst comments "We look for SNDX shares to trade lower after a disappointing 2Q print, marked by misses on the top- (-$6M vs. BB cons) and bottom-lines (-$0.08), with Revuforj well below (-$5M). Particularly after 1Q’s miss (see our: 1Q takes), today’s update is likely to prompt more concerns over the menin class, which has yet to live up to initial lofty expectations. We recognize the concerns but would caution against negative readthroughs to the broader outlook given 1) increasing recognition r/r NPM1m, despite its larger size, is a competitive market with less urgency to treat; 2) still room for near-term growth from KMT2Ar use post-transplant; and 3) 1L always likely to be the key driver of the market. Ultimately, with the long-term opportunity intact, we remain positive on the Syndax story and would view any weakness as an entry point. Maintain Buy."