Syndax price target lowered to $36 from $39 at Scotiabank

Scotiabank analyst George Farmer lowered the firm’s price target on Syndax Pharmaceuticals to $36 from $39 and keeps an Outperform rating on the shares. The analyst believes the top-line results from AUGMENT-101-2A/B “provide solid confirmation” of revumenib utility for the treatment of advanced KMT2A-r leukemia. However, incidences of differentiation syndrome with higher severity than observed in the Phase 1 portion of the study could somewhat diminish the competitive advantage of revumenib when all known drug candidates are simultaneously on the market, the analyst tells investors in a research note. Nonetheless, the firm sees revumenib as the safest and first to market, and positioned to become entrenched as the standard-of-care for KMT2A-r disease.