Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) have received an average rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $39.10.

Several equities research analysts have recently weighed in on the stock. BTIG Research reiterated a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. Citigroup boosted their price target on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. JPMorgan Chase & Co. upped their price objective on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, March 9th. Stifel Nicolaus set a $45.00 price objective on Syndax Pharmaceuticals in a research report on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Monday, December 29th.

Syndax Pharmaceuticals Stock Up 1.0%

SNDX stock opened at $24.23 on Monday. The company has a fifty day moving average price of $21.47 and a 200 day moving average price of $18.84. Syndax Pharmaceuticals has a 12 month low of $8.58 and a 12 month high of $25.44. The company has a market cap of $2.14 billion, a price-to-earnings ratio of -7.36 and a beta of 0.42. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.40 and a quick ratio of 4.12.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data 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). The business had revenue of $68.73 million for the quarter, compared to analysts’ expectations of $64.75 million. Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The company’s revenue for the quarter was up 792.6% on a year-over-year basis. During the same period in the previous year, the business posted ($1.10) earnings per share. Sell-side analysts expect that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,410 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $71,712.30. Following the transaction, the chief financial officer directly owned 140,429 shares of the company’s stock, valued at approximately $2,953,221.87. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 17,159 shares of the company’s stock in a transaction on 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 owned 491,690 shares of the company’s stock, valued at approximately $10,340,240.70. The trade was a 3.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 30,063 shares of company stock valued at $628,332. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

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