Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Expected to Rise, Citigroup Analyst Says

Syndax Pharmaceuticals (NASDAQ:SNDX) had its price objective lifted by Citigroup from $51.00 to $57.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 166.36% from the stock’s previous close.

A number of other research analysts have also issued reports on SNDX. Wall Street Zen lowered shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. decreased their price target on shares of Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, November 12th. UBS Group lifted their price objective on Syndax Pharmaceuticals from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Barclays boosted their price objective on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Finally, Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $37.90.

Syndax Pharmaceuticals Stock Performance

Shares of NASDAQ SNDX opened at $21.40 on Monday. The business’s 50-day simple moving average is $20.87 and its 200-day simple moving average is $18.15. 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 $22.73. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -6.50 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Thursday, February 26th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative return on equity of 175.50% and a negative net margin of 165.37%.The company had revenue of $68.73 million for the quarter, compared to the consensus estimate of $64.75 million. During the same period in the previous year, the company earned ($1.10) EPS. The firm’s revenue for the quarter was up 792.6% compared to the same quarter last year. As a group, equities research analysts expect that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael A. Metzger sold 17,159 shares of the business’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $360,853.77. Following the transaction, the chief executive officer directly owned 491,690 shares in the company, valued at $10,340,240.70. The trade was a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith A. Goldan sold 3,410 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $71,712.30. Following the completion of the sale, the chief financial officer owned 140,429 shares of the company’s stock, valued at $2,953,221.87. This represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,063 shares of company stock worth $628,332 over the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SNDX. Elmind Capital LP bought a new stake in shares of Syndax Pharmaceuticals during the fourth quarter worth $38,974,000. Vanguard Group Inc. grew its position in shares of Syndax Pharmaceuticals by 21.2% during the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after buying an additional 1,091,717 shares during the period. Bank of America Corp DE boosted its holdings in Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock worth $35,951,000 after buying an additional 967,873 shares during the last quarter. Qube Research & Technologies Ltd grew its position in shares of Syndax Pharmaceuticals by 99.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock valued at $15,601,000 after purchasing an additional 831,067 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Syndax Pharmaceuticals by 126.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,432,440 shares of the company’s stock worth $13,415,000 after purchasing an additional 800,800 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.