Syndax Pharmaceuticals Inc. (NASDAQ:SNDX) stock has reached a 52-week low, dipping to $14.99, as investors navigate a challenging market environment. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $18 to $49, suggesting significant potential upside despite recent weakness. The biopharmaceutical company, which focuses on the development of cancer therapies, has seen its shares decline by 15.16% over the past year. While the stock has faced pressure, dropping 28% year-to-date, InvestingPro analysis highlights the company's strong financial position with more cash than debt and a healthy current ratio of 6.99. This recent price level reflects investor sentiment and market dynamics that have impacted the biotech sector at large, with SNDX stock not being immune to these trends. The 52-week low serves as a critical point of reference for investors considering the stock's performance and potential future trajectory. InvestingPro subscribers have access to 8 additional key insights about SNDX's financial health and market position.
In other recent news, Syndax Pharmaceuticals has been the focus of analyst attention following the approval of its drug Revuforj for the treatment of R/R KMT2Am acute leukemias. The approval, which was anticipated by investors, led TD Cowen to reiterate a Buy rating on the company's stock. In addition, H.C. Wainwright raised Syndax's price target from $49.00 to $51.00, maintaining a Buy rating.
In contrast, Scotiabank (TSX:BNS) reduced its price target for Syndax to $18 due to potential FDA approval risks for Syndax's drug, revumenib. Goldman Sachs also adjusted its price target for Syndax, lowering it from $33 to $31, maintaining a Buy rating, due to concerns raised about QTc prolongations and differentiation syndrome in the AUGMENT-101 trial.
The company has also reported a substantial $350 million royalty agreement with Royalty Pharma for Niktimvo during its Q3 2024 earnings call. Syndax announced positive results from its AUGMENT-101 trial for revumenib, a treatment for acute myeloid leukemia (AML). The trial met its primary endpoint with a 23% complete response rate among evaluable adults. These are the recent developments in Syndax Pharmaceuticals' journey.
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