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Why Syndax Pharmaceuticals Stock Is Sinking Today

TheMotleyFool

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Why Syndax Pharmaceuticals Stock Is Sinking TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

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

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