Why Syndax Pharmaceuticals Stock Is Sinking Today
Shares of Syndax Pharmaceuticals (NASDAQ: SNDX) were sinking 28% as of 11:32 a.m. EDT on Tuesday. This big decline came after the company reported positive results from a phase 1 study evaluating SNDX-5613 in treating leukemia.
Normally, when a biotech stock plunges after announcing clinical results, it's because the news was really bad. However, that didn't seem to be the case for Syndax -- at least on the surface.
The company reported a 48% overall response rate in patients with mixed lineage leukemia-rearranged (MLLr) and nucleophosmin (NPM1c) mutant relapsed/refractory (R/R) acute leukemias. Among the responders, 67% achieved minimal residual disease-negative status (full remission).
Source Fool.com
