SNDX Syndax Pharmaceuticals Inc

The attachments compares $SNDX analyst consensus revenue estimates, valuation & related multiples to $ARQT (who received an upgrade from Cantor this AM). 5-year SNDX analyst consensus, unchanged between 8/15/26 & last Monday before announcing the IPF data missed, per Seeking Alpha are down only slightly since issuing the news. Be careful because for all we know analysts are waiting for Q326 results before updating estimates. SNDX now trades at the lowest multiple of analyst consensus versus all peer commercial-stage oncology focused bio, and most non-oncology except for the likes of $ARDX & $ACAD (both are stories for another day). The attachments provide perspective on the disconnect in SNDX valuation if, and we say if 1,000 times, SNDX analyst estimates are credible. SNDX trades for less than 1/3 the multiples of ARQT. The point of this post is not to bash ARQT. ARQT likely trades for north of $4B for a good reason, while SNDX is barely over $1B. This is not investment advice $XBI

Just another day bashing $SNDX management for not exiting via M&A when the opportunity presented itself. M&A exit is a strategy that has historically maximizes shareholder value versus GIA 100% of the time (in oncology, 92% of the time in non-oncology). Hopefully the IPF data is good. We've waited this long so why not a few more months. SNDX is down 14% year to date while the $XBI is up 32.7%. We are unaware of any peer commercial-stage oncology focused bio (or non-oncology for that matter) that trades at a lower multiple of analyst consensus revenue estimates with gross margins north of 90%, with only 1 exception $ARDX We hope SNDX considers shareholders above all else as well as patients who can only benefit via scale to help control costs via $INCY acquisition. Don't worry about SNDX's CEO. Simple analysis proves he does better via annual share grants in spite of share price declines (read our 3/31/26 post). This is not investment advice. $IBB

H.C. Wainwright reiterated $SNDX Buy; PT $38 $KURA $ABBV - RHHBY OTSKY BMY INCY AVLN SNY H.C. Wainwright said in its note: Ahead of 3Q earnings, we completed a deeper diligence effort around NPM1m AML biology and market dynamics that provides a granular understanding of the unique headwinds and underappreciated opportunities within R/R NPM1m AML. Our work centered on revisiting commercial assumptions for the NPM1m AML market as compared to KMT2Ar. We spoke to leading hematologist-oncologists to gain a quick perspective on how targeted therapies like Revuforj are being integrated into existing treatment algorithms, and how those protocols diverge between different genetic subsets of AML in both the frontline and R/R setting. Overall, we came away with a nuanced view of the NPM1m market where frequent actionable co-mutations create headwinds from established targeted therapies in treatment sequencing, rather than from menin inhibitors.

$SNDX Added at $13.76. May dip lower but wanted to capitalize on the disconnect. Quick rebound candidate with additional (un-related) data readout this quarter. Approved drugs with multiple indications make this Disconnect Buy an easy one. Last Disconnect Buy $ICU is already up 28% in just over a week. Follow/Subscribe for more suggestions/perspective. Would love to hear yours too. That's how we find these gems and learn. Let's make some (more) money. Cheers! $XBI

$SNDX -Thanks a lot for your thorough updated analysis. FYI-Additionally-RSI currently sits around 22. Theoretically, indicating stock is way over sold, short-term and it should be bouncing. Since it is not- this metric shows how non-correlated to XBI or overall mkt. this stock has become since the NAIVE, MORONIC debt offering pursued by the CEO. It's been so obvious and I have been so disgusted how this stock has traded since MGMT. initially engaged w these debt bankers and this deal. I could literally go on for hours to explain why this deal was a stupid, greedy, sleazy move by CEO and what the alternatives were..... But don't worry; Most likely the CEO will get more cheap shares and profit even more if co. ever gets sold at a less favorable price than shareholders could have previously gotten. $SNDX should have been sold shortly after Niktimvo and Rev.approvals. Was a no brainer unless folks like (CEO) etc. put aside Fiduciary roles for personal benefit.

$SNDX BofA Securities: Maintained a Buy rating but lowered its price target to $23 from $26 .‌ • H.C. Wainwright: Reiterated a Buy rating with a $38 price target, viewing the market's negative reaction as a potential buying opportunity .‌‌ • Citi: Maintained a Buy rating and a $57 price target, calling the sell-off an "attractive entry point" since the IPF program was not included in their financial model .‌ • Barclays: Maintained a Buy rating with a $37 price target .‌

$SNDX high probability of BO and the reasoning behind it (AI generated), think we all know this but with the recent 30% drop, we need reason to continue to hold through this turmoil.

Housekeeping note: I am going to try to add a Q&A section to Weekly Recap, as many of you are asking some great questions and I think the group would benefit from seeing them as well (some of these will post on X/ Stocktwits as well where I think it adds value) Some will be more stock-specific (I love pushback on my ideas), such as people wanting more thoughts on competition in the menin space $SNDX $KURA $JNJ Others more personal I imagine, such as steps I take to stay positive in a tough environment Cheers all- look forward to seeing where this goes (or rather, where you take it)👍

$SNDX LMAO they dropped this to 10, wasn't quick enough to get some. Was planning to reduce before IPF, but they dropped the data already. Oh well, will look to increase on further weakness. IPF was always a long shot, at least they'll stop burning cash on it now

$SNDX drop on this Syndax Announces Topline Results from MAXPIRe Phase 2 Trial of Axatilimab in Idiopathic Pulmonary Fibrosis "Trial did not meet the primary endpoint of annualized rate of FVC decline"

$SNDX It appears analysts still have a lot of faith in $SNDX, and I agree with them. Yigal Nochomovitz of Citi reiterated his Buy rating and his $57 target today, a Tuesday. Andres Maldonado of H.C. Wainwright also reiterated Buy, along with a $38 target. Jason Zemansky of BofA Securities cut his target from $26 to $23 today. 11 covering analysts and every one of them rates it Buy. Average target is $40.95, with a high of $57 and a low of $29. Follow/Subscribe for more suggestions and perspective. Would love to hear yours too. That's how we find these gems and learn. Let's make some (more) money. Cheers!

$SNDX I didn’t see for myself, but I’m sure the $9 and $10 trades weren’t very many. With that said, I’m sure that’s where the shorts wanna cover. Be teady to add! 🤩

$SNDX BofA (Jason Zemansky) • Rating: Buy maintained • PT cut: $23 (from prior $26) • Core thesis: MAXPIRe IPF failure has almost zero read‑through to SNDX’s core investment story The main debate remains Revuforj’s market capture: R/R AML, post‑transplant maintenance, and front‑line combinations. • Modelling change: Fully erased IPF upside revenue from DCF. BofA never had large IPF base‑case sales embedded, so the PT reduction was modest ($3 cut). • Key near‑term catalysts they watch: 4Q26 axa+ruxo newly‑diagnosed cGVHD Phase 2 data; Revuforj real‑world uptake & combo AML readouts.

$SNDX if the overnight price holds, this is going to sit at or slightly below 1b EV. Ridiculous. Missed those valuations.

$SNDX >> Would Incyte Still Pursue a Buyout of Syndax After IPF Failure? (AI Generated) Based on the latest information, the IPF trial failure is unlikely to change Incyte’s core interest in Syndax, but it does make the deal more dependent on Syndax’s existing cGVHD and oncology assets. Why the IPF failure matters little to Incyte’s strategic interest Syndax’s axatilimab is already marketed as Niktimvo for chronic graft‑versus‑host disease (cGVHD) under a 50/50 commercial profit split with Incyte The failed Phase 2 MAXPIRe trial in idiopathic pulmonary fibrosis (IPF) removes a potential new indication, but does not affect the cGVHD franchise — which is Incyte’s current commercial partner Incyte’s interest in Syndax is tied to this existing partnership and to Syndax’s oncology pipeline, particularly Revuforj (revumenib), its first approved menin inhibitor

Down 19.6% after hours: $SNDX tanked to $13.30 after its Phase 2 lung-disease trial missed and the company shelved the program. Biotech's worst kind of news.

Syndax Pharmaceuticals announced that axatilimab failed to meet the primary endpoint in the Phase 2 MAXPIRe trial for idiopathic pulmonary fibrosis (IPF). The study did not achieve its primary goal of reducing the annualized rate of decline in forced vital capacity (FVC), prompting the company to discontinue development of axatilimab for this indication. The trial enrolled 145 patients across 62 sites in 14 countries, randomizing them 2:1 to receive axatilimab at 0.3 mg/kg or placebo every two weeks for 26 weeks. Despite the efficacy failure, the drug was generally well tolerated, with a safety profile comparable to placebo, no new safety signals and no treatment-related fatal adverse events in either group. Syndax said the results will not affect ongoing axatilimab trials for other indications. The drug is FDA-approved for chronic graft-versus-host disease (cGVHD) in adult and pediatric patients weighing at least 40 kg after failure of at least two prior lines of systemic therapy. $SNDX

$SNDX (Syndax, maker of approved leukemia drug Revuforj and cGVHD drug Niktimvo) said its Phase 2 trial of Niktimvo in lung disease IPF missed its primary endpoint; it is ending IPF work, once billed as a multi-billion-dollar target. The IPF miss does not touch Niktimvo's approved cGVHD sales ($60.3M net revenue in 2Q26, giving Syndax $18.1M of collaboration revenue) or its other trials. But at June 30 total liabilities were $688.6M, above the $575.1M in cash, and stockholders' equity was $15.1M. Next: frontline cGVHD Phase 2 data in 4Q26.

$SNDX I am trapped in this crap just because I believe ins scarcity but the management is dogshit

$SNDX | Snapshot 📊⚡ • Business: Syndax Pharmaceuticals is a commercial-stage biotech advancing targeted therapies for blood cancers and immune-mediated diseases. • Commercial Assets: Commercializing Revuforj (menin inhibitor for acute leukemia) and Niktimvo (anti-CSF-1R antibody for chronic GVHD). • Bias & Conviction: Bullish Trendline Reversal | Moderate-High Conviction (Bouncing off primary trendline support at $18.15 with back-to-back Jan 2027 bullish LEAP call sweeps). 🎯 Key Levels: 🐂 Bull Trigger: $19.14 🚀 Targets: $22.17 / $25.00 / $25.50 🛡️ Support: $18.15 / $18.00 ⚠️ Risk: $17.50 / $16.50 🔥 Volume & Flow: • 🟢 Repeated institutional call buying in Jan 2027 $22 and $24 Calls at/above ask ($110.7K+ total premium). #SNDX #stocks #finance #hovdid