Syndax Pharmaceuticals is a cash-burning biotechnology company with analyst consensus implying 111% upside, heavy concentration in two commercial-stage drugs (Revuforj and Niktimvo), and 19% short interest — a high-asymmetry speculative position where the bull and bear cases are both extreme.
Thesis pillars
- Revuforj Niktimvo Commercial Concentration→Stable
- Analyst Target 111pct Upside→Stable
- Cash Burn Below Quality Floor→Stable
- +1 more pillar — see the Why tab for full reasoning
Syndax Pharmaceuticals, Inc. (SNDX) Stock Analysis
Inst Constrain edge
Healthcare · Biotechnology
Sell if holding. Engine safety override at $21.89: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 23%; Below-average business quality.
Syndax Pharmaceuticals has two FDA-approved cancer therapies: Revuforj (revumenib), approved for relapsed/refractory acute leukemia in November 2024 and for R/R NPM1-mutated AML in October 2025, and Niktimvo (axatilimab-csfr), approved for chronic graft-versus-host disease in... Read more
Sell if holding. Engine safety override at $21.89: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 23%; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.0/10, moderate confidence.
Passes 8/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 31d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Syndax Pharmaceuticals, Inc.
About Syndax Pharmaceuticals, Inc.
Syndax Pharmaceuticals launched two FDA-approved cancer therapies within a twelve-month window: Revuforj (revumenib), a menin inhibitor approved in November 2024 for relapsed/refractory KMT2A-rearranged acute leukemia and again in October 2025 for R/R NPM1-mutated AML, and Niktimvo (axatilimab-csfr), a CSF-1R antibody approved in August 2024 for chronic graft-versus-host disease after at least two prior systemic therapy lines. Both products entered commercial sale—Revuforj in November 2024 and Niktimvo in late January 2025—with revenue driven by U.S. prescription sales and Incyte collaboration income.
Syndax earns revenue through direct product sales of Revuforj, which the company commercializes independently in the U.S., and through co-commercialization of Niktimvo with Incyte in the U.S., under which profits and losses are split equally. Incyte holds exclusive ex-U.S. commercialization rights for axatilimab subject to royalty and milestone payments, and may terminate the agreement with 90 or 180 days' notice depending on whether Niktimvo has been commercialized in the applicable territory. Manufacturing is fully outsourced: Syndax relies on third-party contract manufacturers and Incyte for all raw materials, active pharmaceutical ingredients, and finished product for both commercial supply and clinical programs. In the R/R AML market, Revuforj competes with Komzifti (ziftomenib), FDA-approved for adult R/R NPM1-mutated AML in November 2025, while Niktimvo faces competition from Imbruvica (ibrutinib), Rezurock (belomosidil), and Jakafi (ruxolitinib) in the cGVHD space.
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Syndax's near-term pipeline carries two pivotal Phase 3 binary readouts for revumenib: EVOLVE-2 (revumenib plus venetoclax and azacitidine in newly diagnosed NPM1-mutated and KMT2A-rearranged AML, initiated Q1 2025, topline timing not yet disclosed) and REVEAL-ND (revumenib plus intensive chemotherapy in newly diagnosed NPM1-mutated AML, initiated November 2025). A third high-value readout—MAXPIRe, a Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis—completed enrollment in Q1 2026, with topline data expected in Q4 2026. If EVOLVE-2 or REVEAL-ND fail to meet their primary endpoints, the company's path to profitability could be substantially delayed.
See also: Healthcare · Biotechnology
From Syndax Pharmaceuticals, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-06Recent Developments — Syndax Pharmaceuticals, Inc.
Latest news
- NEWS HC Wainwright & Co. Reiterates Buy on Syndax Pharmaceuticals, Maintains $40 Price Target — benzinga Jun 12, 2026 positive
- NEWS Syndax Presents Key Revuforj Data In Multiple Acute Leukemia Subtypes And Settings At EHA 2026 Congress — benzinga Jun 11, 2026 positive
- NEWS Syndax Presents Key Revuforj Data At EHA 2026 Congress; Real-World Study Of Revumenib Shows 82% ORR And 64% CR/CRh Rate — benzinga Jun 11, 2026 positive
- NEWS Syndax Announces Publication Of Phase 1/2 SAVE Trial Data Of All-Oral Regimen Of Revuforj, Decitabine/Cedazuridine, And — benzinga Jun 11, 2026 positive
- NEWS Syndax Pharma Enters Into Privately Negotiated Subscription Agreements For Issuance Of $250M Aggregate Principal Amount — benzinga Jun 4, 2026 positive
Generated 2026-07-06T04:40:27Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductRevuforj and Niktimvo10-K Item 1A: 'Our business depends heavily on our ability to successfully commercialize Revuforj and Niktimvo in the United States'
- MEDIUMcounterpartyIncyte10-K Item 1A: 'We are dependent upon our collaboration with Incyte to further develop and commercialize axatilimab'
- HIGHSupplierthird-party contract manufacturers10-K Item 1A: 'We currently rely...on third-party contract manufacturers as well as Incyte for all of our required raw materials, active pharmaceutical ingredients and finished product'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Clinical-stage biotech: losses expected pre-commercialisation. Quality floor doesn't distinguish R&D investment from operational decay — components above tell the real story.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $21.89: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.0/10 and A.R:R 3.7:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 23%; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $20.29. Score 5.0/10, moderate confidence.
Take-profit target: $33.93 (+55.5% upside). Prior stop was $20.29. Stop-loss: $20.29.
Concentration risk — Product: Revuforj and Niktimvo; Concentration risk — Supplier: third-party contract manufacturers; Quality below floor (2.5 < 4.0).
Syndax Pharmaceuticals, Inc. trades at a P/E of N/A (forward -41.7). TrendMatrix value score: 7.1/10. Verdict: Sell.
20 analysts cover SNDX with a consensus score of 4.3/5. Average price target: $39.
What does Syndax Pharmaceuticals, Inc. do?Syndax Pharmaceuticals has two FDA-approved cancer therapies: Revuforj (revumenib), approved for relapsed/refractory...
Syndax Pharmaceuticals has two FDA-approved cancer therapies: Revuforj (revumenib), approved for relapsed/refractory acute leukemia in November 2024 and for R/R NPM1-mutated AML in October 2025, and Niktimvo (axatilimab-csfr), approved for chronic graft-versus-host disease in August 2024. Revenue comes from U.S. product sales of Revuforj and co-commercialization of Niktimvo with collaboration partner Incyte.