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SNDX · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Syndax Pharmaceuticals, Inc. (SNDX) stock moving?
Syndax reported strong Q3 2026 commercial results on Nov 2: total revenue of $83.3M (up 82% y/y), Revuforj net revenue of $60.7M (up 90%, with new patients up about 20% q/q) and Niktimvo net revenue of $67.4M (up 47%), which yielded $22.6M in collaboration revenue. EPS of $(0.55) missed the $(0.49) estimate. Management flagged new Revuforj combination data in 4Q26, an ASH investor event on Dec 14, and 19 accepted ASH abstracts, which supports near-term visibility. The stock rose to $14.29 on Nov 3, then fell 27% to $10.45 on Nov 4 on about 15.1M shares, roughly 4.6x the prior two-week average volume. The provided news does not identify a cause for that drop; the same day brought ASH abstract and investor-event releases and HC Wainwright's trimmed $36 target (still Buy). Since Nov 5 the shares have traded in a $9.1–9.9 range with volume easing to about 2.9M, and the Nov 10 close of $9.49 sits roughly 34% below the Nov 3 close. The CFO transition (effective Nov 9, with a 270,000-share inducement grant) is routine. Overall, fundamentals and near-term catalysts are positive, but the unexplained Nov 4 sell-off leaves the risk to the thesis unresolved.
News behind the analysis
- Syndax Pharmaceuticals Grants Inducement Stock Award to New CFO Aaron A. OndreyThe Board approved an inducement stock option award of up to 270,000 shares for newly appointed CFO Aaron A. Ondrey.
- Syndax Pharmaceuticals Announces Acceptance of 19 Abstracts for ASH 2026 Annual Meeting19 abstracts on Revuforj and Niktimvo were accepted for presentation at the 68th ASH Annual Meeting, including 7 for oral presentation.
- Syndax Pharmaceuticals to Host Investor Event at ASH 2026Syndax will host an in-person investor event and live webcast on December 14, 2026, during the ASH Annual Meeting.
- HC Wainwright & Co. Maintains Syndax Pharmaceuticals at Buy, Lowers Price TargetHC Wainwright kept its Buy rating and cut its 12-month price target from $38 to $36.
- Syndax Pharmaceuticals Reports Third Quarter 2026 Financial ResultsTotal revenue was $83.3 million in Q3 2026, up 82% year over year, with Revuforj net revenue of $60.7M (up 90%) and Niktimvo net revenue of $67.4M (up 47%). Q3 EPS of $(0.55) missed the $(0.49) estimate.
- Syndax Pharmaceuticals Appoints Aaron A. Ondrey as Chief Financial OfficerAaron A. Ondrey was named Chief Financial Officer, effective November 9, 2026.
- Syndax Pharmaceuticals Q3 EPS $(0.55) Misses $(0.49) Estimate, Sales $83.298M Beat $81.850M EstimateQuarterly sales beat the consensus estimate while EPS missed it.
- HC Wainwright & Co. Maintains Buy on Syndax Pharmaceuticals, Lowers Price Target to $36HC Wainwright maintained its Buy rating and lowered its price target to $36.
- Syndax Pharmaceuticals' Revuforj Recognized as Best Product for Rare/Orphan Diseases by The Galien FoundationRevuforj received the 2026 Best Product for Rare/Orphan Diseases award from The Galien Foundation.
About Syndax Pharmaceuticals, Inc.
Syndax Pharmaceuticals is a commercial-stage US biotech developing and selling cancer therapies, especially for blood cancers. It is set apart by Revuforj (revumenib), the first approved menin inhibitor, used for certain acute leukemias, and by Niktimvo (axatilimab), approved for chronic graft-versus-host disease.
How it makes money
Most of its revenue comes from net product sales of Revuforj in the US. In Q2 2026, product revenue was about $55 million out of about $73 million in total revenue. The rest is collaboration revenue, mostly tied to Niktimvo, which Syndax co-commercializes with Incyte. The company is still losing money: its net loss for the first nine months of 2026 was about $140 million. It had roughly $550 million in cash and investments as of September 2026.
What usually moves SNDX
- Revuforj and Niktimvo sales growth
- Clinical trial readouts (e.g., axatilimab in lung fibrosis, new menin uses)
- FDA label expansions and approvals
- Cash burn and financing needs
- Competition from rival menin inhibitors