Syndax Pharma slides after $250 mln convertible bond sale

Syndax Pharmaceuticals

04/06/2026 13:23

** Syndax Pharmaceuticals' SNDX.O shares down 8.1% premarket at $16.85 after announcing capital raise
** Cancer therapy developer early Thurs says it sold $250 mln 2.25% convertible bonds (CBs) due 2031 in private placement
** Initial conversion price of $24.76 represents 35% premium to stock's last close of $18.34
** Co intends to use net proceeds from placement for general purposes, including working capital, R&D, commercialization and business development expenditures
** J. Wood Capital Advisors sole placement agent for the CBs
** SNDX shares have fallen in past four sessions and were down ~13% YTD through Weds
** New York City-based co has ~$1.6 bln market cap
** All 14 analysts covering the stock are bullish including 6 "strong buy" ratings; median PT $37, per LSEG
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))