Syndax Pharmaceuticals (SNDX) PT Raised to $46 at Stifel on Revuforj Confidence

Stifel analyst Stephen Willey raised the price target on Syndax Pharmaceuticals (NASDAQ: SNDX) to $46.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, "Despite modest sub-consensus misses on Revuforj/Niktimvo sales weighing on SNDX shares (and miss-related concerns weighing on the stock in recent weeks), we’re incrementally more-positive/ confident in the trajectory of the Revuforj – specifically as it pertains to the acceleration of KMT2A patients now progressing to transplant (nearly ~50% due to “real-world” combination-based prescribing) and the contribution of NPM1-mutant patients (~40%/ ~30% of 1Q26 new patient starts/sales). While acknowledging the presumed timing of our post-transplant maintenance leverage assumptions may have been too aggressive here (largely-driven by variability in when patients resume therapy), we’re increasingly confident this leverage will emerge as an important tailwind in our model (likely at an even-greater magnitude vs. what is currently implied by our longerterm estimates). We’re buyers on this earnings-related weakness and believe 2H26 Niktimvo catalysts – including P2 IPF and 1L cGVHD (+Rux) data – provide interesting optionality with highly-attractive risk/reward. Updated model reflects modestly-lower FY26E Revuforj sales and OpEx."

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