On Thursday, Syndax Pharmaceuticals (NASDAQ:SNDX) shares received a positive outlook from Citi, as the firm raised its price target on the company's stock to $34 from $30, maintaining a Buy rating.
This adjustment follows the U.S. Food and Drug Administration's (FDA) approval of Niktimvo for use in third-line or higher chronic graft versus host disease (cGvHD). The approved dosage is 0.3mg/kg every two weeks, applicable to both adult and pediatric patients weighing at least 40kg.
The FDA's decision was backed by results from the AGAVE-201 study, which demonstrated a 74% overall response rate (ORR) with Niktimvo. This rate is consistent with existing cGVHD therapies, even though the study population consisted of heavily pre-treated patients. According to Syndax management, Niktimvo's pricing will be set at a premium compared to Rezurock, with a range of approximately $20,000 to $25,000 monthly.
The company anticipates launching Niktimvo between the fourth quarter of 2024 and the first quarter of 2025. The costs associated with the launch will be shared between Syndax and its partner, with a 30%/70% split. With a targeted prescriber base of around 200 U.S. transplant centers and roughly 35 physicians who manage about half of the patient population, Syndax is confident in its ability to efficiently reach the market.
Citi's revised price target reflects changes to the model's probability of success (PoS) and the updated pricing strategy. The firm continues to classify the stock with a Buy/High Risk rating.
In other recent news, Incyte (NASDAQ:INCY) Corporation has been making significant strides in the biopharmaceutical sector. The company's total revenues for the second quarter of 2024 hit $1.4 billion, a 9% increase from the previous year, largely driven by key products, Jakafi and Opzelura. This financial growth coincides with the recent FDA approval of its drug axatilimab, now branded as Niktimvo, for use in third-line chronic graft-versus-host disease.
BMO Capital Markets maintained its underperform rating on Incyte's shares, while RBC Capital Markets raised its price target from $66 to $67, maintaining a Sector Perform rating. Both firms emphasized the importance of Incyte's pipeline developments, particularly with regards to the impending loss of exclusivity for Jakafi in 2028.
Incyte's recent announcement of a $2 billion share buyback program and its plans to launch over 10 high-impact products by 2030 are also noteworthy developments. These recent advancements underline Incyte's strategic positioning and robust financial performance within the biopharmaceutical landscape.
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