Biotech Stock Up 72% Sees $8 Million Sale, but Here's Why One Fund Still Seems Bullish

Kynam Capital Management disclosed in a February 17, 2026, Securities and Exchange Commission (SEC) filing that it sold 469,041 shares of Syndax Pharmaceuticals (SNDX +0.83%), an estimated $8.18 million trade based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Kynam Capital Management sold 469,041 shares of Syndax Pharmaceuticals during the fourth quarter of 2025. The estimated value of the shares sold was $8.18 million, calculated using the average closing price for the quarter. The quarter-end value of the fund’s Syndax position increased by $38.07 million, a figure that captures both trading and share price movements.

What else to know

• Kynam Capital Management’s Syndax position was reduced, now accounting for 10.81% of reportable 13F assets under management following the sale.
• Top holdings after the filing:
  • NASDAQ:COGT: $218.99 million (14.3% of AUM)
  • NASDAQ:VERA: $173.85 million (11.3% of AUM)
  • NASDAQ:SNDX: $169.15 million (11.0% of AUM)
  • NASDAQ:CLDX: $161.42 million (10.5% of AUM)
  • NASDAQ:PCVX: $134.84 million (8.8% of AUM)
• As of Friday, shares of Syndax Pharmaceuticals were priced at $24.23, up 72% over the past year and well outperforming the S&P 500’s roughly 15% gain in the same period.

Company overview

Company snapshot

• Syndax Pharmaceuticals develops oncology therapies, including SNDX-5613 for acute myeloid leukemia and axatilimab for chronic graft versus host disease, with additional pipeline assets such as Entinostat.
• The firm operates a clinical-stage biopharmaceutical model, generating revenue primarily through research collaborations, licensing agreements, and milestone payments.
• It targets healthcare providers, research institutions, and pharmaceutical partners focused on innovative cancer treatments and rare disease therapies.

Syndax Pharmaceuticals, Inc. is a clinical-stage biotechnology company specializing in the development of novel cancer therapies. The company leverages a focused pipeline strategy aimed at high-need oncology indications, supported by strategic collaborations and licensing agreements. Its emphasis on targeted therapies and partnerships positions it to address unmet medical needs in hematologic malignancies and immune-related disorders.

What this transaction means for investors

It’s not surprising that a fund would make a transaction like this, cutting some shares but holding onto a still-substantial stake. Syndax generated about $172 million in total revenue last year, driven by growing uptake of its recently launched therapies, including roughly $124.8 million from Revuforj and a meaningful contribution from its Niktimvo collaboration. That kind of commercial traction is rare for companies at this stage, and it helps explain why the stock has surged more than 70% over the past year.

At the same time, the business is still burning cash, with a full-year net loss of about $285 million and elevated operating expenses tied to R&D and commercialization. That tension between growth and profitability is exactly where active managers tend to rebalance rather than fully exit.

Plus, within a portfolio heavily concentrated in biotech names like Cogent and Vera, this looks like a measured adjustment rather than a shift in thesis. The position still accounts for more than 10% of assets, after all, signaling continued conviction.