Guggenheim Partners assumed coverage on Syndax Pharmaceuticals, citing strength after the second-quarter earnings. Syndax reported a second-quarter loss of 83 cents per share, narrower than the expected loss of $1.00, on revenue of $37.96 million, topping estimates of $26.78 million.

The company’s commercial portfolio includes Revuforj (revumenib), an FDA-approved menin inhibitor, and Niktimvo (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony-stimulating factor 1 (CSF-1) receptor.

“We think SNDX is undervalued, with its two commercial drugs and our estimated path to profitability in 2027,” analyst Brad Canino wrote on Wednesday,

Also Read: Syndax’s Revuforj Earns Strong Physician Support, JP Morgan Predicts Sales Growth

Canino noted some investor frustration, as the stock is back on watch after many abandoned the menin inhibitor thesis last year, when Kura Oncology Inc.‘s (NASDAQ:KURA) licensing deal signaled limited strategic interest in the class.

“But a few short quarters later, SNDX’s Revuforj, the much-maligned menin inhibitor because of ‘QTc and DDI,’ is now the best R/R AML commercial launch to date despite its eligibility for the smallest labeled patient subgroup.”

There is no indication from management that growth is slowing. In the second quarter, Revuforj (revumenib) net revenue increased 43% sequentially to $28.6 million.

Guggenheim writes Niktimvo is confidently worth a minimum $8/share, and that’s not counting significant potential upside from new disease catalysts starting from the second half of 2026.

Guggenheim assumed coverage with a Buy rating and a price forecast of $34.

The analyst argues that Syndax is positioned best for this opportunity with an initial focus on the venetoclax/azacitidine triplet for the 1L "unfit for chemotherapy" AML segment.

This segment has a precedent-setting accelerated approval path on a complete response endpoint that has strong support from phase 1 data, and the phase 3 trial has recruited initial patients.

SNDX Price Action: Syndax Pharmaceuticals shares were down 0.31% at $16.07 at the time of publication on Thursday. The stock is trading within its 52-week range of $8.58 to $22.50, according to Benzinga Pro data.

Read Next:

• FDA Confirms Direct Review Path For Aquestive’s Allergy Treatment

Photo: Gorodenkoff/Shutterstock