JP Morgan released a survey on Thursday focused on the launch prospects of Syndax Pharmaceuticals Inc's (NASDAQ:SNDX) Revuforj (revumenib) in relapsed/refractory (r/r) KMT2A acute leukemias and nucleophosmin 1 mutation acute myeloid leukemia (NPM1 AML).
The FDA approved Revuforj in November 2024 as the first and only menin inhibitor for r/r acute leukemia with a lysine methyltransferase 2A gene (KMT2A) translocation in adult and pediatric patients one year and older.
Revuforj generated $7.7 million in net product revenue during its first five weeks on the market.
The company expects to submit a supplemental application filing for revumenib in R/R mNPM1 AML in the second quarter of 2025, followed by a potential FDA approval around year-end 2025.
JPMorgan says that, on average, surveyed physicians treated 8 KMT2A acute leukemia and 12 NPM1 AML patients.
Overall, surveyed physicians provided high ratings related to Revuforj's clinical profile in both r/r KMT2A acute leukemias and NPM1 AML.
Analyst Anupam Rama writes that surveyed physicians indicated a high degree of comfort using Revuforj in r/r NPM1 should the product be incorporated into NCCN guidelines.
"In our view, survey results underscore that SNDX shares are currently materially undervalued on Revuforj in the r/r (KMT2A / NPM1) setting alone – which we value in the ~high-$20 to low-$30s / share range," Rama writes.
For the near term, JPMorgan estimates 2025 Revuforj sales to be around $50 million (US only), largely driven by the KMT2A setting.
JPMorgan raised its price target from $39 to $41, accounting for a faster ramp to peak for Revuforj in both KMT2A acute leukemias and NPM1 AML, reiterating the Overweight rating.
Price Action: SNDX stock is up 0.43% at $14.16 at last check Friday.
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