An overly negative reception to clinical results could mean investors are missing out on potential upside for Syndax Pharmaceuticals , according to Goldman Sachs. The investment bank initiated coverage of the biopharmaceutical company on Wednesday with a buy rating, setting a 12-month price target of $30. This implies potential upside of 137% from the stock's Tuesday closing price of $12.65. Shares of Syndax have plummeted more than 48% so far this year.
mountain Syndax YTD chart "We view the extent of the market's negative response as reflected in SNDX shares around reporting of the topline AUGMENT-101 data as an overreaction," wrote analyst Chris Shibutani. Instead, he said that Syndax's current valuation offered an "especially attractive entry point for investors" as two of the firm's treatments enter the regulatory process ahead of commercialization.
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