BTIG keeps Buy on Syndax, raises price target to $35

BTIG analyst Justin Zelin raised the firm’s price target on Syndax (SDNX) to $35 from $34 and keeps a Buy rating on the shares. The firm highlights Syndax and partner Incyte’s (INCY) upcoming AGAVE-201 pivotal data readout for axitilimab in chronic graft vs host disease slated for mid-2023E, where if successful, a BLA filing before the end of the year is expected. BTIG further expects the AGAVE-201 study will read out positively based off the robust Phase I/II study results where axatilimab demonstrated an 82% overall response rate in n=23 patients within the first 6-months of treatment, which is the regulatory endpoint for approval.