Stifel Adjusts Price Target#
Stifel has raised its price target for Syndax Pharmaceuticals (NASDAQ:SNDX) from $45 to $46 while keeping a Buy rating. Currently, the stock is trading at $19.11, which is considered undervalued based on a Fair Value analysis suggesting a price of $24.48. Despite some recent challenges, the stock has shown a strong performance with a 55% return over the past year.
Sales Performance and Future Expectations#
The firm pointed out that sales for Revuforj/Niktimvo fell short of expectations in the first quarter of 2026, which negatively impacted the stock price. However, Stifel remains optimistic about the future trajectory of Revuforj. Analysts predict significant sales growth this year, with revenue increasing by 397% over the last twelve months. Wall Street analysts maintain a Strong Buy consensus on the stock, with price targets ranging from $28 to $57.
Patient Progress and Treatment Insights#
Stifel noted that nearly half of KMT2A patients are now moving towards transplant due to real-world prescribing practices. Additionally, NPM1-mutant patients accounted for about 40% of new patient starts and 30% of sales in the first quarter of 2026. The firm acknowledged that its previous assumptions regarding post-transplant maintenance might have been overly optimistic, but expects this to become a positive factor in future projections.
Earnings Report Highlights#
In its first-quarter 2026 earnings report, Syndax Pharmaceuticals exceeded earnings per share (EPS) expectations, reporting -0.48 compared to the anticipated -0.62, resulting in a surprise of 22.58%. However, the company did fall short on revenue, reporting $64.9 million against an expected $71.84 million. Following this, Jefferies adjusted its price target for Syndax to $37 from $40, while BofA Securities increased its target to $29 from $28, both maintaining Buy ratings. These adjustments reflect ongoing strategic and financial changes within the company.