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On Tuesday, Scotiabank (TSX:BNS) analyst George Farmer increased the price target for Syndax Pharmaceuticals (NASDAQ:SNDX) to $17.00, up from the previous $16.00, while retaining a Sector Perform rating for the company’s stock. Currently trading at $13.57, SNDX has analyst targets ranging from $16 to $51, with InvestingPro data showing a strong buy consensus recommendation of 1.38 (where 1 is a Strong Buy). The adjustment comes in response to the successful first full quarter of sales for Revuforj, which is used in the treatment of KMT2Ar relapsed/refractory leukemia. Farmer’s optimism is bolstered by the drug’s robust market launch and the growing demand for menin inhibitor treatments.
The analyst’s revised sales estimates for 2025 and 2026 are reflective of the strong performance of Revuforj. With InvestingPro data showing an expected revenue growth of 222% for FY2025, the market appears optimistic about the company’s prospects. Additionally, the completion of a supplemental New Drug Application (sNDA) filing under the Food and Drug Administration’s (FDA) Real-Time Oncology Review (RTOR) program for the NPM-1 mutant treatment segment suggests a high probability of an expanded drug label by the end of the year.
The potential market dynamics are set to become more interesting with the anticipated approval of KURA’s New Drug Application (NDA) for ziftomenib, another menin inhibitor, which could lead to a competitive scenario in the relapsed/refractory mNPM-1 space. According to Farmer, the outcome of this competition will largely depend on the quality of the pivotal data from KURA, which the industry expects to be disclosed in an abstract at the American Society of Clinical Oncology (ASCO) meeting on May 22.
The positive reception of Revuforj and its sales trajectory have been key factors in the revised price target. Farmer’s commentary underscores the significance of the drug’s performance and the potential for further developments in the treatment of leukemia with menin inhibitors. The mention of the FDA’s RTOR program highlights the expedited review process that could benefit Syndax by potentially speeding up the time to market for their treatments. For investors seeking deeper insights, InvestingPro offers a comprehensive research report on SNDX, including detailed analysis of its financial health score of 1.95 (FAIR) and additional growth metrics among 1,400+ top stocks covered.
In other recent news, Syndax Pharmaceuticals reported a strong financial performance for the first quarter of 2025, exceeding both earnings and revenue expectations. The company achieved revenue of $20.04 million, surpassing the anticipated $14.84 million, with its product Revuforj generating $20 million in sales. This performance was bolstered by the successful launches of Revuforj and Niktimvo, which have shown strong market potential. Syndax’s earnings per share also beat forecasts, coming in at -$0.98 compared to the expected -$1.24. BofA Securities responded to these results by raising Syndax’s stock price target to $26, maintaining a Buy rating, highlighting the company’s robust quarter and future growth prospects. The firm also noted that Syndax’s current stock price does not fully reflect its near-term opportunities, projecting 2026 revenue at $252 million against a consensus estimate of $168 million. Additionally, Syndax holds a strong cash position with $602.1 million in cash and equivalents as of March 31, 2025. The company remains optimistic about its future prospects, driven by the potential of its key products in large addressable markets.
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