May. 1 at 11:21 AM
BofA⬆️
$SNDX's PT to
$29 from
$28, reit'd Buy/said: While Syndax's 1Q call lacked a true headline, we nonetheless came away constructive as the company ramps its efforts over what is shaping up to be a competitive menin rollout alongside rival Kura.
$KURA $INCY
BofA added—Admittedly, 1Q was always unlikely to
offer major insights into share dynamics (see our 1Q menin preview).
That said, we thought management struck a notably confident tone, with messaging consistent with an appreciation of the levers needed to drive the launch from here—even as specifics were understandably limited.
To be fair, we believe concerns about the total opportunity, long an overhang, may persist until there's appreciable penetration of 1L disease—unlikely until~2027/28. But with Revuforj's early progress tracking well, and axatilimab emerging as a potentially meaningful source of upside, we think the setup remains attractive. Reiterate Buy.
