H.C. Wainwright analyst Andres Y. Maldonado reiterated a Buy rating on Syndax Pharmaceuticals today and set a price target of $40.00.
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Andres Y. Maldonado has given his Buy rating due to a combination of factors surrounding the recent FDA approval of Syndax Pharmaceuticals’ drug, Revuforj. This approval is significant as it allows the treatment of NPM1-mutated AML, a subgroup that comprises about 30% of adult AML cases, and historically lacks effective salvage therapies. The approval was backed by promising results from the Phase 2 AUGMENT 101 cohort, which demonstrated a notable overall response rate and the potential for patients to proceed to curative stem cell transplants.
Furthermore, the expansion of Revuforj’s indications significantly increases the market opportunity for Syndax, addressing a larger patient population and potentially generating over $2 billion in market value. The drug’s launch has already shown strong momentum, with rapid adoption and significant formulary coverage. These factors, combined with the potential for Revuforj to become a foundational treatment in the AML landscape, underpin Maldonado’s confidence in rating the stock as a Buy.
In another report released on October 16, Barclays also maintained a Buy rating on the stock with a $19.00 price target.