Why Syndax Pharmaceuticals Stock Is Back in Focus After Q1 Results

Syndax Pharmaceuticals (SNDX) is back on investors’ radar after reporting first quarter 2026 results that showed revenue of US$64.86 million and a narrower net loss of US$42.67 million versus a year earlier.

The update provides fresh numbers to weigh against the recent share performance. This includes a return of 39.18% over the past year and a year-to-date return of negative 10.28%, from a last close of US$19.11.

The latest earnings release, with revenue of US$64.86 million and a reduced net loss, arrived alongside a 1 month share price return of negative 19.97%. This suggests investors are reassessing both growth prospects and risk after a strong 1 year total shareholder return of 39.18%.

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With revenue at US$64.86 million, a smaller net loss, and the share price well below the analyst price target of US$39.50, is Syndax a mispriced opportunity, or is the market already banking on future growth?

Most Popular Narrative: 51.6% Undervalued

With Syndax closing at US$19.11 versus a narrative fair value of US$39.50, the current price sits well below what this widely followed model implies.

Late-stage pipeline advancements (including frontline trials, lifecycle management, and expansion into new indications like IPF for Niktimvo), together with strong clinical data and market-leading positions in precision oncology, are described as providing robust long-term growth avenues aligned with rising demand for targeted therapies and supporting sustained multi-year earnings momentum.

Curious how this story gets to that higher fair value? The narrative emphasizes rapid revenue expansion, a sharp swing into profitability, and a future earnings multiple usually reserved for market favorites.

Result: Fair Value of $39.50 (UNDERVALUED)

However, there are still key risks, including heavy reliance on Revuforj and Niktimvo, as well as uncertainty around clinical and regulatory outcomes that could challenge the upbeat scenario.

Another View: Market Ratios Tell A Different Story

That 51.6% discount to fair value sits awkwardly next to the current P/S of 11x. The US Biotechs industry averages about 10.8x, peers sit closer to 12.1x, and the SWS fair ratio is 1.9x, which points to a lot of optimism already in the price. So is this really a wide margin of safety or just a different kind of risk?

Next Steps

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.