BofA starts ‘misjudged’ Syndax with a Buy

As previously reported, BofA initiated coverage of Syndax (SNDX) with a Buy rating and $29 price target. Menin inhibitor revumenib is poised for approval as early as 2024, but Syndax shares are down 54% year-to-date, likely due to safety and efficacy concerns, particularly as it relates to its competitive profile versus Kura Oncology’s (KURA) rival ziftomenib, the analyst tells investors. However, the firm thinks commercial dynamics will be more nuanced, rather than a “winner-take-all” outcome, which the Street has “misjudged,” the analyst said. BofA forecasts robust initial uptake, with each asset eventually “carving out a distinct niche,” the analyst added.