Syndax jumps after Q2 beat; Citi issues upside catalyst watch

Syndax Pharmaceuticals (NASDAQ:SNDX) added ~21% in the premarket on Tuesday after the cancer drugmaker reported better-than-expected Q2 2025 financials, prompting Citi to issue a 90-day upside catalyst watch on the stock.

The New York-based biotech posted ~$38.0M of revenue for the period, exceeding the Street forecasts by as much as $11.3M amid strong sales momentum for its leukemia drug, Revuforj, and graft-versus-host disease therapy, Niktimvo.

Revuforj added $28.6M in net revenue, implying ~43% growth from the preceding quarter, and Niktimvo, marketed with Incyte (INCY), generated $36.2M in net sales during the first full quarter of its U.S. launch.

While Syndax (NASDAQ:SNDX) didn’t provide revenue guidance, Citi analyst Yigal Nochomovitz, with a Buy recommendation, argued that the stock could rally post earnings as investors increasingly admire the sales momentum for Revuforj and Niktimvo.

Both treatments “outperformed expectations this quarter and are rapidly advancing towards earlier line settings for acute myeloid leukemia and cGVHD, respectively, larger market opportunities that are not reflected in the stock today,” Nochomovitz wrote.

Raising his price target on SNDX to $51 from $46 per share, the analyst opened an upside 90-day catalyst watch on the stock ahead of the target action date on Oct. 25 for the company’s marketing application that seeks Revuforj’s label expansion for R/R mutant NPM1 AML.