Syndax price target raised to $31 from $30 at BofA

BofA analyst Jason Zemansky raised the firm’s price target on Syndax (SNDX) to $31 from $30 and keeps a Buy rating on the shares. Syndax and partner Incyte (INCY) announced FDA approval of axatilimab, its novel CSF-1R mAb, for 3L+ chronic graft-versus-host disease with a launch in 4Q24/1Q25, and while early, the firm says the decision wasn’t unexpected given the strength of the underlying data, the analyst tells investors in a research note. The firm notes that axatilimab was never likely to be a major driver of the story given the smaller opportunity with the P&L impact similarly limited by the 50/50 profit split, though the buyside continues to overlook axatilimab’s potential upside.