Syndax Pharmaceuticals (SNDX) Is Down 7.2% After Axatilimab IPF Trial Misses Endpoint Has The Bull Case Changed? Sasha Jovanovic Tue, October 13, 2026 at 12:34 AM EDT 4 min read SNDX NVDA MSFT Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Earlier this week, Syndax Pharmaceuticals reported that its MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis failed to meet the primary endpoint of slowing lung function decline, leading the company to halt further IPF development for the drug while maintaining other trials.
An important nuance for investors is that axatilimab's safety profile in IPF remained comparable to placebo, and Syndax has indicated that ongoing studies and the approved chronic graft-versus-host disease use of Niktimvo (axatilimab-csfr) are unaffected.
We will now examine how axatilimab's Phase 2 IPF setback, and Syndax's decision to discontinue this indication, affects its investment narrative.
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To own Syndax today, you have to believe that Revuforj and Niktimvo can shoulder the story as focused, high-value oncology and GVHD franchises while the company works toward profitability from a still loss-making base. The axatilimab IPF failure is a setback for optionality, but it does not touch the current commercial pillars or the most important near term catalyst, which remains continued uptake and label expansion for Revuforj and Niktimvo. The biggest risk is that high spending persists without matching revenue scale.
In this context, Niktimvo's chronic GVHD franchise and ongoing frontline GVHD trials matter more than ever. The recent confirmation that MAXPIRe's negative IPF result does not affect Niktimvo's approved chronic GVHD use or its frontline GVHD programs helps frame the IPF setback as a narrowing of the axatilimab opportunity rather than a franchise level issue, but it also sharpens attention on how much future growth now rests on these hematology indications.
However, investors should also be aware that if revenue growth slows before Syndax can absorb its roughly US$400 million in annual R&D and SG&A spending, then...
Read the full narrative on Syndax Pharmaceuticals (it's free!)
Syndax Pharmaceuticals' narrative projects $748.0 million revenue and $110.2 million earnings by 2029. This requires 63.1% yearly revenue growth and a $395.6 million earnings increase from -$285.4 million today.
Uncover how Syndax Pharmaceuticals' forecasts yield a $39.50 fair value, a 139% upside to its current price.
By contrast, the most bearish analysts were already assuming about US$604.5 million of 2029 revenue and only US$104.0 million of earnings, so after the MAXPIRe miss you should expect that some of these more cautious views on axatilimab's label expansion and spending efficiency could harden further, and it is worth comparing how your own expectations line up with these much more pessimistic scenarios.
Explore 4 other fair value estimates on Syndax Pharmaceuticals - why the stock might be worth over 8x more than the current price!
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
A great starting point for your Syndax Pharmaceuticals research is our analysis highlighting 2 key rewards that could impact your investment decision.
Our free Syndax Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Syndax Pharmaceuticals' overall financial health at a glance.
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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.
Companies discussed in this article include SNDX.
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