Syndax Pharmaceuticals Inch. (NASDAQ: ) shares hit a 52-week low of $12.75 as the company faces a challenging market environment. According to InvestingPro data, technical indicators suggest the stock is in oversold territory, with a market cap of $1.1 billion. This latest price level reflects a significant decline over the past year, with the stock experiencing a 1-year change of -40.79%. Investors are closely watching the biopharmaceutical company, known for its work in cancer therapy, as it goes through a period of volatility and investor skepticism. Although the company maintains a strong financial position with more cash than debt and a healthy liquid ratio of 7x, InvestingPro analysis reveals additional insights through its comprehensive research reports covering more than 1,400 US stocks. The 52-week low serves as a critical point of interest for potential buyers looking for undervalued opportunities, while existing shareholders consider the company’s long-term outlook amid current trends in the healthcare sector. Analyst price targets range from $18 to $51, suggesting significant upside potential, although the company faces challenges with weak gross profit margins and projected negative earnings for the coming year.
In other recent news, Syndax Pharmaceuticals announced various developments. The company has eliminated the role of boss Medical (TASE:) Chasnik, et al. Catherine Madigan, who was in office, left. Additionally, Syndax’s drug Revuforj has been approved for the treatment of R/R KMT2Am acute leukemias. This endorsement prompted TD Cowen to reiterate a Buy rating on the company’s stock.
HC Wainwright also raised their price target on Syndax from $49.00 to $51.00, maintaining a Buy rating following FDA approval of Revuforj. However, Scotiabank (TSX: ) cut its price target on Syndax to $18 due to potential FDA approval risks for revumenib, while Goldman Sachs cut its price target to $31 from $33, maintaining a Buy rating on concerns about QTc prolongation and differentiation syndrome in AUGMENT- 101 trial.
On the financial front, Syndax announced a $350 million royalty deal with Royalty Pharma for Niktimvo during its Q3 2024 earnings call, reporting $399.6 million in cash as of Sept. 30, with operating expenses in the third quarter of 102.1 million dollars. These are the latest developments on Syndax Pharmaceuticals’ journey as it continues to push through clinical trials and financial milestones.
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