BTIG Research Reiterates “Buy” Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reissued by investment analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They currently have a $56.00 price objective on the stock. BTIG Research’s price objective suggests a potential upside of 171.58% from the stock’s current price.

A number of other brokerages also recently weighed in on SNDX. Barclays increased their price target on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, November 24th. Guggenheim started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They issued a “buy” rating and a $34.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 5th. HC Wainwright reiterated a “buy” rating and set a $40.00 price target on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.20.

Syndax Pharmaceuticals Trading Up 5.7%

Shares of NASDAQ SNDX opened at $20.62 on Tuesday. The company has a debt-to-equity ratio of 2.78, a quick ratio of 4.42 and a current ratio of 4.64. Syndax Pharmaceuticals has a 52-week low of $8.58 and a 52-week high of $20.80. The stock has a market cap of $1.79 billion, a P/E ratio of -5.71 and a beta of 0.48. The firm has a 50 day moving average price of $16.57 and a two-hundred day moving average price of $13.79.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Monday, November 3rd. The company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.04. The business had revenue of $45.87 million during the quarter, compared to analyst estimates of $49.08 million. Syndax Pharmaceuticals had a negative return on equity of 160.60% and a negative net margin of 279.31%.Syndax Pharmaceuticals’s revenue for the quarter was up 266.4% compared to the same quarter last year. During the same period last year, the company earned ($0.98) EPS. As a group, equities analysts forecast that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Quarry LP bought a new position in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $25,000. Larson Financial Group LLC boosted its position in Syndax Pharmaceuticals by 192.2% in the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after purchasing an additional 1,922 shares during the last quarter. Quantbot Technologies LP purchased a new position in Syndax Pharmaceuticals in the third quarter worth $53,000. Lazard Asset Management LLC bought a new position in Syndax Pharmaceuticals in the 2nd quarter valued at $66,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Syndax Pharmaceuticals by 103.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock valued at $79,000 after purchasing an additional 4,308 shares during the last quarter.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).