Citi reiterates Buy rating on Syndax Pharmaceuticals after stock drop

Citi analyst Yigal Nochomovitz reiterated a Buy rating and $57.00 price target on Syndax Pharmaceuticals (NASDAQ: SNDX).

The reiteration follows an approximately 15% decline in the stock after axatilimab's Phase 2 MAXPIRe trial missed its endpoint in idiopathic pulmonary fibrosis (IPF).

Nochomovitz stated that IPF had not been included in Citi's valuation, describing it as "upside optionality," and said the trial outcome "does not meaningfully alter our core thesis." The analyst added that study conduct and safety were "good/clean," which he said limits concern about any readthrough to chronic graft-versus-host disease (cGVHD).

The analyst described the company's decision to discontinue IPF development as appropriate, citing the absence of a clear efficacy signal and the risks associated with a registrational IPF program. Nochomovitz noted that management could reallocate capital toward other programs, including Revuforj and Niktimvo, frontline cGVHD data expected in the fourth quarter of 2026, and the broader pipeline.

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