Barclays has revised its price target for Syndax Pharmaceuticals (SNDX, Financial), reducing it to $19 from the previous $33 as it prepares for the company's first-quarter earnings report. The investment firm maintains an Overweight rating on the shares despite the adjustment.
This decision comes amid cautious market conditions, which have prompted Barclays to reassess its projections. The firm conducted a survey involving 25 physicians regarding the utilization of Syndax's drug, Revuforj. The findings from this survey suggest a widening application of the medication, though they do not indicate that the upcoming quarter will surpass expectations.
Barclays cites the current complex macroeconomic environment as a reason for adopting a more conservative outlook, leading to the adjustment in the financial model for Syndax. The decision underscores the challenges in predicting quarterly outcomes due to multiple unpredictable factors and potential sampling errors. Despite these concerns, the continued Overweight rating reflects optimism about the company's longer-term prospects.
