Syndax Pharma falls as cancer therapy data fails to meet 'higher bar of expectations'

Syndax Pharmaceuticals

12/11/2024 16:15

** Shares of drug developer Syndax Pharmaceuticals  SNDX.O 
fall 21.4% to $17.13, the lowest in nearly a year  
    ** Company reports mid-stage study results from its cancer
therapy 
    ** Syndax says the therapy showed a 23% complete remission 
with partial hematological recovery rate (CRh) 
    ** Company says 11% of patients in the trial experienced
severe treatment-related adverse events, while 2% experienced a 
potentially life-threatening event 
    ** The stock weakness today is "due to a perceived
impairment of the profile from the company's last update", BTIG
analyst Justin Zelin says
    ** "Overall I see the weakness being attributed to a
perceived impairment of the data profile from the last data
update in a smaller amount of patients, as well as not meeting
the higher bar of expectations that investors may have had of
25% to 28% of CRh rate" - Zelin added 
    ** Stock down 21.8% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))