Syndax: Strong Revuforj and Niktimvo Momentum Undervalues Commercial Trajectory and Pipeline Upside

TD Cowen analyst Phil Nadeau has maintained their bullish stance on SNDX stock, giving a Buy rating on January 2.

Phil Nadeau has given his Buy rating due to a combination of factors, foremost among them the strong commercial momentum of Syndax’s two key products, Revuforj and Niktimvo. Revuforj’s fourth-quarter sales came in above his expectations and matched market forecasts, with growth largely driven by real prescription demand rather than one-time factors. The recent approval for use in relapsed/refractory NPM1-mutated AML has noticeably accelerated Revuforj’s launch, and because uptake in this new population is still at an early stage, he anticipates continued robust growth through 2026, with his revenue projections for that year remaining intact.

Niktimvo’s quarterly performance also exceeded consensus, and the associated profit share to Syndax is in line with both his model and Street estimates, reinforcing confidence in the company’s near-term revenue base. Beyond current sales, Nadeau highlights upside from the ongoing Phase II study of Niktimvo in idiopathic pulmonary fibrosis, where positive proof-of-concept in this large indication could add meaningful long-term value. He also notes continued advancement of late-stage clinical programs, including Phase III trials in first-line AML, as additional potential drivers of future growth. Taken together, these elements lead him to view the stock as undervalued relative to its commercial trajectory and pipeline opportunity, supporting his Buy recommendation.

In another report released on January 2, BTIG also maintained a Buy rating on the stock with a $56.00 price target.