Syndax downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Syndax Pharmaceuticals (SNDX) to Sector Perform from Outperform with a price target of $23, down from $36. The encouraging top-line results from Kura Oncology’s (KURA) KOMET-007 trial position this company’s menin inhibitor, ziftomenib, much more competitively against Syndax’s revumenib for treatment of mutant NPM-1 and KMT2Ar acute leukemia, the analyst tells investors in a research note. The firm also believes positive regulatory outcomes for Syndax are now priced in for the recently filed regulatory applications for revumenib as treatment of KMT2Ar relapsed/refractory disease and axatilimab as treatment of chronic GvHD, respectively.