Syndax stock price target raised to $20 from $18 at Goldman Sachs

Goldman Sachs raised its price target on Syndax Pharmaceuticals (SNDX) to $20 from $18, maintaining a Buy rating, following the company's strong second-quarter 2025 results. Syndax reported an EPS of -$0.83 and revenue of $37.96 million, both significantly beating analyst forecasts, driven by Revuforj's $28.6 million in sales exceeding consensus and Niktimvo achieving profitability. Goldman Sachs views these results as a step towards realizing meaningful sales in acute leukemias, with Revuforj's PDUFA date set for October 2025, and InvestingPro analysis suggests the stock may be undervalued given its healthy financial position.

Analysis

Syndax Pharmaceuticals (SNDX) has received a significant vote of confidence from Goldman Sachs, which raised its price target to $20.00 from $18.00 while maintaining a Buy rating. This revision is underpinned by the company's robust second-quarter 2025 performance, where it reported revenue of $37.96 million, decisively beating consensus estimates of $27.13 million by nearly 40%. The company also posted a narrower-than-expected loss per share of -$0.83, a 17.82% positive surprise against the forecast of -$1.01. The strong top-line result was driven by key product performance, with Revuforj generating $28.6 million in sales, exceeding expectations of $23.9 million. Furthermore, its second product, Niktimvo, achieved profitability in its second quarter of launch, contributing $9.4 million in collaboration revenue to Syndax. The company's financial position appears solid, with a current ratio of 5.8 and a balance sheet holding more cash than debt. Looking ahead, the primary catalyst remains the PDUFA date of October 25, 2025, for Revuforj's potential label expansion into acute leukemias, which is seen as the core driver for future valuation. Management has guided for 2025 expenses between $370 million and $390 million as it aims for profitability through continued revenue growth and a stable cost base.

Key Decisions for Investors

• Given the substantial revenue beat, positive analyst price target revision, and a current trading price of $10.38, investors may consider the stock undervalued relative to Goldman Sachs' $20.00 target.
• The primary long-term catalyst is the FDA's decision on Revuforj for acute leukemias, making the October 25, 2025 PDUFA date a critical milestone to monitor for any portfolio holding.
• Investors should weigh the strong product revenue momentum against the company's guided 2025 expense base of $370-$390 million, as sustained commercial execution is required to achieve its stated goal of profitability.
• The strong financial health, with more cash than debt and a current ratio of 5.8, provides a considerable operational runway and mitigates near-term financing risks as the company scales its commercial operations.