SNDX Syndax Pharmaceuticals Inc

The attachments compares $SNDX analyst consensus revenue estimates, valuation & related multiples to $ARQT (who received an upgrade from Cantor this AM). 5-year SNDX analyst consensus, unchanged between 8/15/26 & last Monday before announcing the IPF data missed, per Seeking Alpha are down only slightly since issuing the news. Be careful because for all we know analysts are waiting for Q326 results before updating estimates. SNDX now trades at the lowest multiple of analyst consensus versus all peer commercial-stage oncology focused bio, and most non-oncology except for the likes of $ARDX & $ACAD (both are stories for another day). The attachments provide perspective on the disconnect in SNDX valuation if, and we say if 1,000 times, SNDX analyst estimates are credible. SNDX trades for less than 1/3 the multiples of ARQT. The point of this post is not to bash ARQT. ARQT likely trades for north of $4B for a good reason, while SNDX is barely over $1B. This is not investment advice $XBI

$SNDX Congrats on Prix Galien USA for Revuforj. Acute leukemias are a huge problem and Revuforj is well-positioned to become an important part of treatment from the 1L to the late maintenance regimens.

$SNDX Added at $13.76. May dip lower but wanted to capitalize on the disconnect. Quick rebound candidate with additional (un-related) data readout this quarter. Approved drugs with multiple indications make this Disconnect Buy an easy one. Last Disconnect Buy $ICU is already up 28% in just over a week. Follow/Subscribe for more suggestions/perspective. Would love to hear yours too. That's how we find these gems and learn. Let's make some (more) money. Cheers! $XBI

$SNDX BofA Securities: Maintained a Buy rating but lowered its price target to $23 from $26 .‌ • H.C. Wainwright: Reiterated a Buy rating with a $38 price target, viewing the market's negative reaction as a potential buying opportunity .‌‌ • Citi: Maintained a Buy rating and a $57 price target, calling the sell-off an "attractive entry point" since the IPF program was not included in their financial model .‌ • Barclays: Maintained a Buy rating with a $37 price target .‌

$SNDX From INCY Q3 results from this morning: In Q3, Niktimvo revenue rose to 67.368 million from $45.830 million = 47% increase. For 9 months to Sept 30, 2026, Niktimvo revenue rose to $182.765 million from $95.597 million = 91% increase. The expected third-quarter 2026 revenue (sales) for Niktimvo was pegged at $64 million, according to the Zacks Consensus Estimate. Niktimvo actually went on to beat these expectations, recording $67.4 million in net sales for the third quarter of 2026 (a 47% increase year-over-year). By aggregating the sequential quarterly consensus targets leading up to the Q3 2026 earnings release, the implied consensus expectation for Niktimvo's first 9 months of 2026 was approximately $179.4 million.

$SNDX high probability of BO and the reasoning behind it (AI generated), think we all know this but with the recent 30% drop, we need reason to continue to hold through this turmoil.

Housekeeping note: I am going to try to add a Q&A section to Weekly Recap, as many of you are asking some great questions and I think the group would benefit from seeing them as well (some of these will post on X/ Stocktwits as well where I think it adds value) Some will be more stock-specific (I love pushback on my ideas), such as people wanting more thoughts on competition in the menin space $SNDX $KURA $JNJ Others more personal I imagine, such as steps I take to stay positive in a tough environment Cheers all- look forward to seeing where this goes (or rather, where you take it)👍

$SNDX LMAO they dropped this to 10, wasn't quick enough to get some. Was planning to reduce before IPF, but they dropped the data already. Oh well, will look to increase on further weakness. IPF was always a long shot, at least they'll stop burning cash on it now

$SNDX drop on this Syndax Announces Topline Results from MAXPIRe Phase 2 Trial of Axatilimab in Idiopathic Pulmonary Fibrosis "Trial did not meet the primary endpoint of annualized rate of FVC decline"

$SNDX Attached are 2 screenshots from $RPRX 's investor presentation from 8/2026 and 9/2025 related to their investment in Incyte's/SNDX's Niktimvo. You will see in September 2025, RPRX noted Niktimvo's consensus 5-year sales target was 98% higher compared to its 5-year estimate at the time of funding. In August 2026, the increase in 5-year sales was only 22% higher compared to the time of funding. These are RPRX's estimates (not our estimates). If you believe Niktimvo's valuation is some multiple of projected sales, and Niktimvo's 5-year sales forecast is 38% lower today than it was in 9/2025 (198 v 122), then obviously Niktimvo's valuation is also roughly 38% lower than it was in 9/2025 (13 months ago). Investors shouldn't be alarmed. SNDX's CEO is really smart. Why exit via M&A when he gets generous stock grants every year no matter SNDX's share price Does anyone read RPRX's estimates differently? $INCY reported cash of $3.85B as of 9/30/26. SNDX's market cap is ~$1.3B

$SNDX Incyte Corporation is scheduled to announce its Q3 2026 financial results on October 29, 2026, before the market opens (at approximately 7:00 AM ET / 11:00 UTC), followed by a conference call at 8:00 AM ET.

$SNDX -Thanks a lot for your thorough updated analysis. FYI-Additionally-RSI currently sits around 22. Theoretically, indicating stock is way over sold, short-term and it should be bouncing. Since it is not- this metric shows how non-correlated to XBI or overall mkt. this stock has become since the NAIVE, MORONIC debt offering pursued by the CEO. It's been so obvious and I have been so disgusted how this stock has traded since MGMT. initially engaged w these debt bankers and this deal. I could literally go on for hours to explain why this deal was a stupid, greedy, sleazy move by CEO and what the alternatives were..... But don't worry; Most likely the CEO will get more cheap shares and profit even more if co. ever gets sold at a less favorable price than shareholders could have previously gotten. $SNDX should have been sold shortly after Niktimvo and Rev.approvals. Was a no brainer unless folks like (CEO) etc. put aside Fiduciary roles for personal benefit.

$SNDX It appears analysts still have a lot of faith in $SNDX, and I agree with them. Yigal Nochomovitz of Citi reiterated his Buy rating and his $57 target today, a Tuesday. Andres Maldonado of H.C. Wainwright also reiterated Buy, along with a $38 target. Jason Zemansky of BofA Securities cut his target from $26 to $23 today. 11 covering analysts and every one of them rates it Buy. Average target is $40.95, with a high of $57 and a low of $29. Follow/Subscribe for more suggestions and perspective. Would love to hear yours too. That's how we find these gems and learn. Let's make some (more) money. Cheers!

$SNDX 14 again 👍🏻 Good couple of days, looks like there’s some positivity (or insider information 🙄) regarding the upcoming ER. 🤞🏻

$SNDX volume still big big. Monday’s call will let us know why. Until then….. enjoy the daily f”ckery!!!

$SNDX Amazing....stock is at multi- year lows, while the current short interest report from 10/15 is 18,001,644. Lowest in a long time. Oh-Other than the one short interest report exception, when the sleazy, crap, naive, debt deal, shopped and done by management closed and the short interest miraculously dropped to 16,637,071 from 21,712,664 in a 2-week period ending 5/29. Yeah- Mr. CEO- your underwriters are certainly aligned w the company and shareholders...LOL.... Mr. Smooth/greedy CEO could/ should have sold this thing a way back. But his greed, has gotten got us all here. Don't worry; he'll be fine and can't wait to get more cheap, free shares.

$SNDX >> Would Incyte Still Pursue a Buyout of Syndax After IPF Failure? (AI Generated) Based on the latest information, the IPF trial failure is unlikely to change Incyte’s core interest in Syndax, but it does make the deal more dependent on Syndax’s existing cGVHD and oncology assets. Why the IPF failure matters little to Incyte’s strategic interest Syndax’s axatilimab is already marketed as Niktimvo for chronic graft‑versus‑host disease (cGVHD) under a 50/50 commercial profit split with Incyte The failed Phase 2 MAXPIRe trial in idiopathic pulmonary fibrosis (IPF) removes a potential new indication, but does not affect the cGVHD franchise — which is Incyte’s current commercial partner Incyte’s interest in Syndax is tied to this existing partnership and to Syndax’s oncology pipeline, particularly Revuforj (revumenib), its first approved menin inhibitor

$SNDX I didn’t see for myself, but I’m sure the $9 and $10 trades weren’t very many. With that said, I’m sure that’s where the shorts wanna cover. Be teady to add! 🤩

$SNDX BofA (Jason Zemansky) • Rating: Buy maintained • PT cut: $23 (from prior $26) • Core thesis: MAXPIRe IPF failure has almost zero read‑through to SNDX’s core investment story The main debate remains Revuforj’s market capture: R/R AML, post‑transplant maintenance, and front‑line combinations. • Modelling change: Fully erased IPF upside revenue from DCF. BofA never had large IPF base‑case sales embedded, so the PT reduction was modest ($3 cut). • Key near‑term catalysts they watch: 4Q26 axa+ruxo newly‑diagnosed cGVHD Phase 2 data; Revuforj real‑world uptake & combo AML readouts.

$SNDX if the overnight price holds, this is going to sit at or slightly below 1b EV. Ridiculous. Missed those valuations.