TD Cowen analyst Phil Nadeau has maintained their bullish stance on SNDX stock, giving a Buy rating today.
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Phil Nadeau has given his Buy rating due to a combination of factors that highlight Syndax Pharmaceuticals’ strong growth potential. The company reported a 12% quarter-over-quarter increase in revenue for Q3, driven by a significant rise in new patient starts and total prescriptions, indicating robust patient demand. Despite the revenue being slightly below consensus expectations due to inventory and gross-to-net adjustments, the underlying growth in patient numbers suggests a positive trajectory.
Furthermore, the expansion of Revuforj’s label to include a broader patient population, such as those with R/R NPM1 AML, is expected to accelerate growth. The management’s confidence in capturing market share is supported by Revuforj’s broad indication, impressive median overall survival among responders, and first-mover advantage. These factors collectively contribute to a promising outlook for Syndax Pharmaceuticals, justifying the Buy rating.
According to TipRanks, Nadeau is a 4-star analyst with an average return of 5.9% and a 46.38% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical, Kura Oncology, and Apellis Pharmaceuticals.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $40.00 price target.