Shares of Syndax Pharmaceuticals (SNDX) are soaring 5.01% in pre-market trading on Wednesday, following a notable upgrade from a prominent Wall Street analyst. The biopharmaceutical company's stock is attracting investor attention after B. Riley raised its price target for Syndax.

B. Riley, a well-respected financial services firm, has increased its target price for Syndax Pharmaceuticals from $29 to $33. This represents a significant vote of confidence in the company's future prospects and potential for growth. Analyst upgrades and increased price targets often signal positive sentiment towards a stock, which can lead to increased buying pressure.

The pre-market surge in Syndax's stock price suggests that investors are reacting positively to this news. As a biopharmaceutical company, Syndax's valuation is often closely tied to its drug development pipeline and market potential. The increased price target may indicate that B. Riley sees improved odds for success in Syndax's clinical trials or potential market opportunities for its drug candidates. Investors will be watching closely to see if this pre-market momentum carries into regular trading hours and if other analysts follow suit with similar upgrades.