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↓Deteriorating
- Cash Burn Below Quality Floor→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 26, 2026
Syndax Pharmaceuticals, Inc. (SNDX) Stock Analysis
Inst Constrain edge
Healthcare · Biotechnology
Sell if holding. Engine safety override at $14.32: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 11.4:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Elevated put/call ratio: 1.79; 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 $14.32: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 11.4:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Elevated put/call ratio: 1.79; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.6/10, moderate confidence.
Passes 6/9 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA) and earnings proximity 4d<=7d. 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.
Show full overview
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 2026-10-29Recent Developments — Syndax Pharmaceuticals, Inc.
Latest news
- NEWS Syndax Pharmaceuticals to Report Third Quarter 2026 Financial Results — fiscal.ai Oct 26, 2026
- NEWS Syndax Pharmaceuticals Suffers Pipeline Blow — benzinga Oct 13, 2026 negative
- NEWS Crude Oil Edges Higher; Citigroup Earnings Top Views — benzinga Oct 13, 2026 neutral
- NEWS Syndax Pharmaceuticals, BioNTech, Seagate And Other Big Stocks Moving Lower In Tuesday’s Pre-Market Session — benzinga Oct 13, 2026 neutral
- NEWS HC Wainwright & Co. Reiterates Buy on Syndax Pharmaceuticals, Maintains $38 Price Target — benzinga Oct 13, 2026 positive
Generated 2026-10-29T12:43:34Z.
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. How we score · Editorial policy
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Rating Breakdown
5 floor-breakers·1 ceiling hit
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
Volatile — 5.5% daily ATR makes tight stops impractical. Position-size conservatively.static
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.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 $14.32: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.6/10 and A.R:R 11.4:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Elevated put/call ratio: 1.79; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $13.32. Score 5.6/10, moderate confidence.
Analyst target: $32.43 (+126.4% upside). Prior stop was $13.32. Stop-loss: $13.32.
Concentration risk — Product: Revuforj and Niktimvo; Concentration risk — Supplier: third-party contract manufacturers; Quality below floor (2.0 < 4.0).
Syndax Pharmaceuticals, Inc. trades at a P/E of N/A (forward -17.1). TrendMatrix value score: 8.2/10. Verdict: Sell.
18 analysts cover SNDX with a consensus score of 4.3/5. Average price target: $37.
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.