Syndax price target raised to $42 from $40 at Guggenheim

Guggenheim analyst Michael Schmidt raised the firm’s price target on Syndax (SNDX) to $42 from $40 and keeps a Buy rating on the shares after updating estimates to reflect positive topline data from the company’s AGAVE-201 trial of axatilimab partnered with Incyte (INCY) in chronic graft-versus-host disease, or cGVHD. The firm has increased conviction in potential regulatory approval of axatilimab in third-line-plus cGVHD and also sees “incrementally positive read-through” from the resutls to the company’s planned studies in first-line cGVHD and potentially idiopathic pulmonary fibrosis, or IPF, the analyst tells investors.