Syndax initiated with a Buy at Jefferies

Jefferies initiated coverage of Syndax Pharmaceuticals with a Buy rating and $37 price target. The company is transforming to the commercial stage with two FDA action dates in the second half of 2024, the analyst tells investors. For revumenib, the firm’s physician survey suggests its first-to-market could offer a long-lasting competitive edge in 40% of acute myeloid leukemia, boding well for the commercial outlook. Jefferies sees a $1.2B risk-adjusted pipeline peak sales versus Syndax’s $1.2B enterprise value as an attractive opportunity.