# Syndax Pharmaceuticals, Inc. (SNDX)

> Source: Nexqual · https://nexqual.com/SNDX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Syndax Pharmaceuticals, Inc. (SNDX), nexqual.com/SNDX" · informational, not investment advice.

**Price:** USD 13.57 (+3.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.15 · day 13.06–13.58 · 52w 12.8–25.59 · market cap $1.21B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $252M, net income -$221M (-87.5% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold SNDX (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $2.1M; 2 not under a Rule 10b5-1 plan ($152K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.83 on a 1–5 scale) (12 analysts), mean target USD 37.27 (range 23–57).
- Total return with dividends: 1Y -7.6% vs S&P 500 +14.9%; 5Y -28.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.49, revenue estimate $81.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $140M | $0K | $0K | $23.7M | $172M | $252M |
| Operating income | $26.2M | -$152M | -$230M | -$340M | -$273M | -$194M |
| Net income | $24.9M | -$149M | -$209M | -$319M | -$285M | -$221M |
| EPS (diluted) | $0.46 | -$2.46 | -$2.98 | -$3.72 | -$3.29 | — |
| Free cash flow | $29.0M | -$134M | -$161M | -$275M | -$323M | — |
| Operating margin | 18.8% | — | — | -1434.4% | -158.4% | -77.0% |
| Net margin | 17.8% | — | — | -1346.1% | -165.6% | -87.5% |
| Revenue growth | +9109.6% | -100.0% | — | — | +627.8% | — |
| Cash + short-term investments | $440M | $476M | $571M | $573M | $394M | — |
| Total debt | — | — | $0K | $669M | $350M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.8x · EV/Sales 5.0x · P/B 80.3x · Earnings yield -18.22% · Net debt $46.2M · EV $1.26B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SNDX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.39% | $2.9M | Added +27.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-08 | Metzger Michael A | Chief Executive Officer | 32,375 | $785K | 6.3% | Yes | Too little history (no open-market trades in 2024) |
| 2026-06-11…2026-06-12 | Botwood Nicholas A.J. | Head of R&D, CMO | 65,515 | $1.2M | 51.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Goldan Keith A. | Chief Financial Officer | 1,177 | $22K | 0.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01 | Metzger Michael A | Chief Executive Officer | 6,847 | $130K | 1.4% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 12 analysts; mean target USD 37.27 (low 23, high 57).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | HC Wainwright & Co. | Reiterated | Buy | $38 |
| 2026-08-21 | UBS | Target lowered | Buy | $37 → $33 |
| 2026-08-11 | JP Morgan | Target lowered | Overweight | $44 → $40 |
| 2026-08-05 | HC Wainwright & Co. | Target lowered | Buy | $40 → $38 |
| 2026-07-15 | HC Wainwright & Co. | Reiterated | Buy | $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.6% | -28.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.6% | -6.5% |
| Volatility (annualized) | 52.4% | 54.9% |
| Max drawdown | -48.7% (Apr 2026→Oct 2026) | -68.0% (Jan 2023→Jun 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/SNDX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SNDX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1395937/000119312526076536/sndx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | INCYTE CORP (INCY) | "the success of our collaboration with Incyte Corporation, or Incyte, to further develop and commercialize axatilimab;" |
| Partner | AbbVie (ABBV) | "Under the Vitae License Agreement, we are required to pay AbbVie up to $99.0 million in one-time development and regulatory milestone payments over the term of the Vitae License Agreement, subject to the achievement of c…" |
| Partner | Bayer Schering Pharma | "In March 2007, we entered into a license agreement with Bayer Schering Pharma AG, or Bayer, for a worldwide, exclusive license to develop and commercialize entinostat and any other products containing the same active ing…" |
| Partner | Eddingpharm Investment Company | "We have deprioritized the development of entinostat, but maintain a license, development and commercialization agreement, or the Eddingpharm License Agreement, with Eddingpharm Investment Company Limited, or Eddingpharm,…" |

Other companies that name SNDX in their own reports (relationship from SNDX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | INCYTE CORP (INCY) | 10-K 2026-02-10 | "In September 2021, we entered into an exclusive worldwide collaboration and license agreement with Syndax Pharmaceuticals, Inc. ("Syndax") to develop and commercialize axatilimab, Syndax's anti-CSF-1R…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $54.7M | 75.1% | +91.3% |
| Collaboration Revenue | $18.1M | 24.9% | +93.3% |
| Total revenue | $72.8M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "For the full year of 2026, the Company continues to expect total research and development plus selling, general and administrative expenses to be approximately $400 million, excluding the impact of $50 million in estimated non-cash stock compensation expense."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.49 | $-0.40 | +23.1% | $81.9M | 10 |
| Next quarter (ends 2026-12-31) | $-0.45 | $-0.36 | +26.2% | $95.9M | 10 |
| Current fiscal year (ends 2026-12-31) | $-1.98 | $-1.70 | +16.2% | $314.1M | 10 |
| Next fiscal year (ends 2027-12-31) | $-0.84 | $-0.52 | +60.0% | $459.1M | 10 |