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.
In its Oct. 2 announcement, Syndax said it had "positive topline data" from the protocol-defined pooled analysis of this trial.
"Based on our analysis and view, we believe the stock is currently trading below the value of near-term commercial opportunities ex-cash/-terminal value," he wrote.
Persons:
Goldman Sachs, Syndax, Chris Shibutani, Shibutani, — CNBC's Michael Bloom
Organizations:
Syndax Pharmaceuticals
Locations:
2024E