1. Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)
Number of Hedge Fund Holders: 46
Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) is a clinical-stage biopharmaceutical company focused on developing innovative cancer therapies. The company’s primary focus is on creating novel treatments for various types of cancer, including leukemia and chronic graft-versus-host disease (cGVHD).
A significant catalyst for Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) is its robust drug pipeline, featuring two promising candidates. Axatilimab is currently under priority review by the FDA for treating refractory chronic graft-versus-host disease (cGVHD), with a PDUFA action date of December 26, 2024. Additionally, Revumenib has received Priority Review for its New Drug Application (NDA) in relapsed/refractory KMT2Ar acute leukemia, with a PDUFA action date of September 26, 2024.
Michael Metzger, the Chief Executive Officer of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) said the following on the FDA’s extension of the PDUFA action date for Revumenib in the Q2 2024 earnings call transcript:
“With Revumenib, our menin inhibitor being reviewed by the FDA for patients with relapsed or refractory KMT2A-rearranged acute leukemias, we have a PDUFA action date of December 26, 2024. As we announced earlier this week, the FDA recently extended the PDUFA action date for Revumenib NDA from September 26 to December 26, 2024, a standard three-month extension to allow for additional time to conduct a full review of supplemental information we provided in response to their requests. Importantly, we are confident that the information we have provided supports approval and continues to demonstrate the meaningful benefit Revumenib brings to patients. We look forward to continuing to closely engage with the FDA as they complete the review under the real-time Oncology Review Program or RTOR, and we stand ready to launch Revumenib with strength as soon as we receive the anticipated approval.”
As of Q2 2024, around 46 hedge fund holders held stakes in the stock with Kynam Capital being the largest stakeholder with 5,722,057 shares worth $117,473,830. The stock has a Strong Buy rating based on 10 Wall Street Analysts. The average price target is $30.67, with forecasts ranging from $2.00 to $42.00, indicating a 49.25% increase from the current price of $20.55.
Overall, SNDX ranks first among the best small-cap healthcare stocks to buy now. While we acknowledge the potential of healthcare stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than the stocks mentioned on our list but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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