Guggenheim Partners initiated coverage on Syndax Pharmaceuticals Inc
with a BUY rating and a price target of $40.
SNDX's lead asset and principal value driver is revumenib, an inhibitor of menin in development for a genetically defined subset of leukemias that currently have no FDA-approved targeted therapies.
The analyst says Syndax's revumenib is the most advanced and potentially best-in-class menin inhibitor in development for hematological and solid cancers in a crowded, competitive landscape.
The analyst also writes that the ongoing investor debates around menin inhibitors provide meaningful upside opportunity as revumenib heads into a catalyst-rich ~12 months, which includes potentially stock-moving topline registrational data in late-line KMT2Ar (3Q23) and mNPM1 (2024) acute leukemias as well as initial proof-of-concept data in treatment-naïve AML (YE23) and solid tumors (MSS CRC in YE23).
The company's second program axatilimab partnered with Incyte Pharmaceutical Inc INCY, is a partially de-risked and underappreciated asset.
The analyst says the price target reflects 80% PoS for revumenib in R/R acute leukemias and 75% PoS for axatilimab for 3L cGVHD, with additional contributions from probability-adjusted revenues in the frontline settings for both agents.
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