Hudson Bay Capital Management LP Lowers Position in Syndax Pharmaceuticals, Inc. $SNDX

Hudson Bay Capital Management LP decreased its stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) by 43.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 250,000 shares of the company’s stock after selling 193,300 shares during the period. Hudson Bay Capital Management LP’s holdings in Syndax Pharmaceuticals were worth $3,846,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bank of America Corp DE raised its stake 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 purchasing an additional 967,873 shares during the period. Qube Research & Technologies Ltd boosted its holdings 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 last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of 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 valued at $13,415,000 after buying an additional 800,800 shares during the period. Stempoint Capital LP grew its stake in shares of Syndax Pharmaceuticals by 48.4% during the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company’s stock valued at $22,220,000 after buying an additional 774,040 shares during the period. Finally, Apis Capital Advisors LLC acquired a new stake in shares of Syndax Pharmaceuticals during the 3rd quarter worth $9,816,000.

Wall Street Analyst Weigh In

SNDX has been the topic of several research reports. Barclays increased their target price on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Citigroup upped their price target on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. BTIG Research restated a “buy” rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Monday, December 29th. Finally, Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.10.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX opened at $24.23 on Friday. The firm’s fifty day simple moving average is $21.47 and its 200 day simple moving average is $18.82. The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. Syndax Pharmaceuticals, Inc. has a twelve month low of $8.58 and a twelve month high of $25.44. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -7.36 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative net margin of 165.37% and a negative return on equity of 206.62%. The company had revenue of $68.73 million during the quarter, compared to analyst estimates of $64.75 million. During the same quarter in the prior year, the company posted ($1.10) earnings per share. The firm’s revenue for the quarter was up 792.6% on a year-over-year basis. As a group, equities research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 17,159 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the sale, the chief executive officer owned 491,690 shares in the company, valued at approximately $10,340,240.70. This trade represents a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith A. Goldan sold 3,410 shares of the firm’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $71,712.30. Following the sale, the chief financial officer owned 140,429 shares in the company, valued at approximately $2,953,221.87. The trade was a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 30,063 shares of company stock valued at $628,332. Insiders own 4.10% of the company’s stock.

About Syndax Pharmaceuticals

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.