Market News

Syndax Posts Better-Than-Feared Quarterly Loss, Sales Beat Estimates

Syndax Pharmaceuticals reported a better-than-expected loss in the fourth quarter and outpaced analysts’ expectations for revenues. Shares of the clinical-stage biopharmaceutical company dropped 1.2% to close at $23.30 on March 8.

Syndax (SNDX) incurred a loss of $0.44 per share in 4Q, compared to the $0.49 loss per share estimated by analysts. Total revenue came in at $380,000, topping analysts’ expectations of $200,000.

The company’s research and development expenses were $15.5 million in the quarter, up 63.2% year-over-year. Total operating expenses stood at $20.2 million, up 38.4%. (See Syndax stock analysis on TipRanks)

Syndax CEO Briggs W. Morrison said, “We expect 2021 will be a year of immense progress across our two highly promising programs aimed at addressing key areas of unmet need, coupled with a sharp focus on pipeline expansion.”

“Notably, we plan to present data from the Phase 1 portion of our ongoing AUGMENT-101 trial of SNDX-5613, our selective menin inhibitor, in patients with acute leukemias,” Morrison added.

For 2021, the company projects research and development expenses to be in the range of $90 million to $100 million. Total operating expenses are anticipated to range from $110 million to $120 million.

For 1Q, research and development expenses are forecasted to be in the range of $25 million to $30 million, with total operating expenses in the range of $30 to $35 million.

Following the 4Q results, Stifel Nicolaus analyst Konstantinos Aprilakis maintained a Buy rating and a price target of $39 (67.4% upside potential) on the stock as the analyst is “enthusiastic about the menin space.”

Aprilakis expects “the company to continue finding success with SNDX-5613, its lead asset and menin/MLL inhibitor for potential use in acute leukemias, and axatilimab, an anti-CSF-1R antibody currently being developed in cGVHD.”

Syndax shares have exploded almost 108% over the past year, while the stock still scores a Strong Buy consensus rating based on 3 unanimous Buys. That’s alongside an average analyst price target of $35.33, which implies 51.6% upside potential to current levels.

Additionally, Syndax scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

Related News:
Hibbett 4Q Profit Exceeds Estimates As E-commerce Sales Boom; Shares Tank 4%
Big Lots’ 4Q Profit Beats Analysts’ Estimates As Comparable Sales Rise; Shares Gain 2%
Cooper’s 1Q Results Beat The Street Consensus; Street Says Buy

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More