Syndax Pharmaceuticals, Inc. (SNDX) stock has risen slowly over the past year, up by 2.11% at close on thursday. The company said yesterday that the U.S. Food and Drug Administration has granted Orphan Drug Designation to its axatilimab. So, will the stock hit record high in April?
Axatilimab is an investigational monoclonal antibody for the treatment of patients with idiopathic pulmonary fibrosis. The Orphan Drug Designation qualifies a candidate for various development incentives, including tax credits for eligible clinical trials, waiver of application fees, and market exclusivity for seven years upon FDA approval.
According to the company, that the idiopathic pulmonary fibrosis could affect approximately 150,000 patients in the U.S. and approximately 260,000 patients across the seven major pharmaceutical markets, which including US, Japan, UK, Spain, Germany, Italy, and France.
The company is actively evaluating options to expand the axatilimab franchise into additional areas of high unmet need and look forward to providing updates on these plans in the coming months.
Wall Street analyst Konstantinos Aprilakis reiterated the stock's buy rating last month and assigned a price target of $39.00, which is 71% upside potential.
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