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Investing.com - Stifel has reiterated its Buy rating and $44.00 price target on Syndax Pharmaceuticals (NASDAQ:SNDX) despite lighter-than-anticipated third-quarter Revuforj sales. This target represents significant upside potential, as Wall Street analysts collectively see nearly 2x upside from current levels, with targets ranging from $22 to $56. According to InvestingPro data, SNDX appears undervalued compared to its Fair Value.
The company reported Revuforj sales of $32 million for the quarter, representing a 12% quarter-over-quarter increase, which fell short of expectations despite stronger prescription volume and new patient start growth, both of which increased 25% quarter-over-quarter. This contributes to SNDX’s impressive 595% revenue growth over the last twelve months, with total revenue reaching $111.3 million, though InvestingPro data shows the company still suffers from weak gross profit margins of -121.68%.
Stifel attributed the sales disconnect to inventory and discounting fluctuations, noting that third-quarter sales were likely affected by treatment interruptions among KMT2A patients who successfully bridged to transplant, as these patients typically discontinue therapy for approximately four months before reinitiating post-transplant maintenance therapy.
The research firm expects this trend to have less impact in the fourth quarter of 2025, and when combined with the recent label expansion into R/R mNPM1, should yield sequential growth that will compound in fiscal year 2026 and beyond.
Stifel expressed continued encouragement regarding leverage gained from the Niktimvo collaboration and believes competitive dynamics remain favorable, with wide-open first-line and third-line-plus opportunities worldwide and in Europe, respectively, while noting the upcoming American Society of Hematology (ASH) meeting should provide opportunities for additional competitive benchmarking within the menin inhibitor space.
In other recent news, Syndax Pharmaceuticals reported its third-quarter 2025 earnings, which slightly missed expectations. The company posted an earnings per share (EPS) of -$0.70, marginally better than the anticipated -$0.73. However, its revenue of $45.9 million fell short of the forecasted $47.75 million. Additionally, Syndax reported $32 million in Revuforj sales, aligning closely with consensus estimates of $33 million. The revenue showed a 12% increase quarter-over-quarter, with a 25% rise in prescription demand, though this was offset by gross-to-net adjustments and inventory drawdown. In light of these developments, Goldman Sachs adjusted its price target for Syndax Pharmaceuticals, raising it to $27.00 from $26.00, while maintaining a Buy rating on the stock. These recent developments provide investors with important insights into the company’s financial performance and market outlook.
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