Long Position on SNDX @ $24.50 on 8/22/2022 (Momentum)

Syndax Pharmaceuticals, Inc. (SNDX) develops therapies for the treatment of cancer. 

Its lead product candidates are SNDX-5613, which is in phase 1/2 clinical trial targeting the binding interaction of Menin with the mixed lineage leukemia 1 protein for the treatment of MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML); and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD).

The company is also developing Entinostat. It also has collaborative research and development agreement with National Cancer Institute; a clinical trial agreement with Eastern Cooperative Oncology Group; and a license agreement with Kyowa Hakko Kirin Co., Ltd. 

Shares have formed a bullish "cup and handle" and higher share prices are expected. Note that shares are under accumulations by institutional investors. A total of 291 mutual funds have bought shares in recent weeks. 

Entry Point: $24.50

Stop Loss: $23.00

Trading Range: $13.27 - $25.71

Target Price: $27.00

Updates

9/19/2022 3:47:33 PM

SNDX closed at $23

Position closed on 9/19/2022 at price of $23.00 with a -6.12% loss in 28 days.

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