SNDX - R&D Day Reinforces Potential 4Q26 IPF Catalyst, And Lays The Groundwork For New Drug Opportunities In 2027+

研报英文原文证据摘录

SNDX - R&D Day Reinforces Potential 4Q26 IPF Catalyst, And Lays The Groundwork For New Drug Opportunities In 2027+

July 14, 2026

Brad Canino brad.canino@guggenheimpartners.com SNDX - R&D Day Reinforces Potential 4Q26 IPF

212 823 6558 Catalyst, And Lays The Groundwork For New Drug

Josh Boen

Joshua.Boen@guggenheimpartners.com Opportunities In 2027+

212 518 5345

Key Message: SNDX's R&D Day reinforced the potential for the phase 2 axatilimab

IPF catalyst to work and be a real stock catalyst, but also added two new legs of

SNDX BUY potentialhave morevalueinterestcreationin the newwith next-generationcatalysts in 2027-2028.menin inhibitorToday,forwemyelofibrosisare more inclined(uniqueto

Syndax Pharmaceuticals, Inc. and novel approach, straightforward development) than the in-licensed EGFR L858R

Sector: Biotechnology allosteric TKI for NSCLC (highly competitive, complicated development and patient

selection), but see both as reasonable assets for a midsized biotech to quickly deliver

Company Update early proof-of-concept readouts that can generate value. We think all three opportunities

Share Price $24.13 would provide only upside to the base value of the commercial business, which we argued

Price Target $31.00 approximates the current stock price (LINK).

Ongoing program: Niktimvo axatilimab for IPF. Much of what we saw presented was

Revenue ($M) in line with the company’s previous hypothesis and what research we outlined in our IPF

(FY DEC) 1Q 2Q 3Q 4Q FY phase 2 preview note to support the study’s potential success (LINK). Based on feedback

2025 20 38 46 69 173 to our report, we think the most important argument from the KOL Dr. Toby Maher was that

2026 65 76E 89E 101E 331E the commonality of fibrosis pathways should see similar benefit from axatilimab even if IPF