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On Tuesday, BTIG analyst Justin Zelin confirmed a Buy rating on Syndax Pharmaceuticals (NASDAQ:SNDX), with a steady price target of $43.00. Currently trading at $15.48, the $1.3 billion market cap company has strong analyst support, with consensus targets ranging from $16 to $51. Zelin highlighted the company’s impressive fourth quarter revenue, which surpassed expectations. Syndax reported a robust $7.7 million in net revenue for its product REVUFORJ within the first five weeks of its launch, significantly outperforming the consensus estimate of $2 million. According to InvestingPro, analysts anticipate substantial sales growth in the current year.
The company has seen positive traction across both academic and community accounts. This success is partly attributed to Syndax’s proactive engagement with payors before the launch, resulting in most prescriptions being reimbursed. Management’s strategic planning appears to have effectively positioned REVUFORJ in the market. InvestingPro data shows the company maintains strong financial flexibility with a current ratio of 5.82, indicating robust liquidity to support its commercial rollout.
Looking forward, Syndax is preparing to release Phase 1 data for revumenib combined with 7+3 chemotherapy in first-line (1L) fit patients with mNPM1/KMT2Ar acute leukemia in the second half of 2025. This data is expected to guide the dosage selection for pivotal trials. Additionally, the company plans to initiate Phase 2/3 trials for revumenib in combination with standard of care regimens for the same patient population within the same timeframe.
Syndax is also on track to submit a supplemental New Drug Application (sNDA) for revumenib for relapsed/refractory (r/r) mNPM1 acute leukemia in the second quarter of 2025. Should the submission proceed as planned, the company anticipates potential approval by the end of 2025. The analyst’s reiteration of the Buy rating underscores confidence in Syndax Pharmaceuticals’ strategic direction and potential for future growth.
In other recent news, Syndax Pharmaceuticals reported its fourth-quarter 2024 financial results, showcasing significant developments for the company. The company generated $7.7 million in revenue during the quarter, exceeding Goldman Sachs and consensus estimates, despite missing the broader revenue forecast of $25.2 million. This revenue was primarily driven by the initial sales of Revuforj, a newly launched drug, which saw strong demand in its first five weeks. Analysts from Goldman Sachs and B.Riley have both adjusted their price targets for Syndax, with Goldman Sachs lowering it to $31 and B.Riley to $29, while maintaining a Buy rating, reflecting confidence in the company’s market potential despite competitive challenges.
The company also announced plans to file a supplemental New Drug Application for Revuforj in the second quarter of 2025, aiming to expand its use to a broader patient population. Syndax’s management expressed optimism about its early launch success and the potential for further market penetration. The company’s cash reserves at the end of 2024 stood at $692 million, aligning with its goal to achieve profitability. Additionally, Syndax has been actively engaging with payers to ensure coverage, achieving 56% coverage of commercial lives and 53% of managed care lives. These developments position Syndax favorably as it continues to advance its drug pipeline and expand its market reach.
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