Syndax Stock (SNDX) Moves Higher: Analysts Raise PTs on Strong Revenue, Approaching Catalyst

Syndax Pharmaceuticals' stock (NASDAQ:SNDX) is moving higher, up 19.36% mid-way through the trading day as a solid earnings print brought with it a couple of bullish analyst update.

The company's prospects are set for some volatility surrounding an upcoming regulatory decision that analysts believe could act as a major catalyst for further gains. Whilst recent momentum has been strong, driving Syntax's stock price 41% higher, the trend since the start of the year has been more volatile, with a 12% decline YTD.

The recent shift comes as catalysts approach, and Syndax reported revenue of $38 million for Q2, significantly outperforming both internal expectations and analyst estimates.

This figure represents a 70% beat on Citi's estimates and a 45% beat on consensus expectations, and was primarily driven by the strong commercial performance of two key drugs: Revuforj (revumenib) and Niktimvo (axatilimab-csfr).

Revuforj sales reached $28.6 million, a 43% increase from Q1 2025, while Niktimvo collaboration revenue contributed $9.4 million, demonstrating a strong initial market uptake. The company's net loss per share of $0.83 also beat estimates, further boosting investor confidence.

Analyst Outlook & Price Targets

Analysts have reacted favorably to the strong Q2 results and the promising outlook for Syndax.

Citi analyst Yigal Nochomovitz raised the firm's price target on Syndax to $51 from $46, reiterating a Buy rating on the shares.

Importantly, Citi added a positive “upside catalyst watch” ahead of the October 25 PDUFA (Prescription Drug User Fee Act) deadline for Revuforj's application in relapsed or refractory NPM1-mutated acute myeloid leukemia (AML).

A positive decision from the FDA would likely trigger a significant repricing of the stock.

BTIG analyst Justin Zelin also increased the firm's price target, moving it to $56 from $43, while maintaining a Buy rating.

Zelin emphasized that both Revuforj and Niktimvo have exceeded launch benchmarks set by precedent AML launches.

He further noted that Syndax is on a clear path to profitability, with both drugs contributing positively to cash flow. Zelin stated in a research note that the drugs' “breakout commercial performance” surpassed both internal and external expectations.

Upcoming Catalysts and Market Expectations

The upcoming PDUFA decision on October 25 represents a pivotal moment for Syndax. Revuforj, if approved, would provide a much-needed treatment option for patients with relapsed or refractory NPM1-mutated AML, a particularly aggressive form of the disease.

The potential market for this therapy is substantial, and analysts believe approval would significantly boost Syndax's revenue and profitability.

The options market is also pricing in significant volatility around upcoming catalysts. Options markets imply a d ±18% by September 19, reflecting the high stakes surrounding the October 25 PDUFA decision.

Despite the positive outlook, investors should be aware of the risks associated with investing in Syndax. The company is still operating at a net loss, and the success of its commercial products is not guaranteed. Regulatory approval is also not certain, and a negative decision from the FDA could significantly negatively impact the stock price. Furthermore, the biotechnology sector is inherently volatile, and unexpected clinical trial results or competitive pressures could also weigh on Syndax's performance.

However, with strong analyst support, promising commercial products, and a potentially transformative regulatory catalyst on the horizon, Syndax Pharmaceuticals has begun to gain some traction with bulls. There will be volatility ahead.