Mizuho starts Syndax at buy; cites market potential, cash position (NASDAQ:SNDX)

Mizuho has initiated coverage of Syndax Pharmaceuticals (NASDAQ:SNDX) with a buy rating citing the near-term commercial opportunities for its drug candidates revumenib in acute myeloid leukemia and axatilimab in chronic graft-versus-host disease.

Mizuho noted that Syndax expects FDA market applications for both drugs to be completed by the end of the year, giving the company two potential commercial assets in 2024. The investment bank estimated the combined addressable market for both drugs in their initial indications at around $1B.

The bank also sees Syndax’s cash position of about $595M as providing a “solid foundation” for the company, giving it a cash runway “well beyond” 2025.

Mizuho set its price target at $45.