Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month High – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $25.59 and last traded at $24.20, with a volume of 1558196 shares changing hands. The stock had previously closed at $24.02.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SNDX. Citigroup raised their target price on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Stifel Nicolaus set a $45.00 price target on Syndax Pharmaceuticals in a research report on Friday, February 27th. Wall Street Zen raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Monday, December 29th. Finally, BTIG Research reaffirmed a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. One 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 company’s stock. Based on data from MarketBeat, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $39.10.

Syndax Pharmaceuticals Stock Up 0.7%

The business’s 50 day simple moving average is $21.67 and its 200-day simple moving average is $18.98. The company has a market cap of $2.13 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 quick ratio of 4.12 and a current ratio of 4.40.

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

Insider Transactions at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 17,159 shares of the firm’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 completion of the sale, the chief executive officer directly owned 491,690 shares of the company’s stock, valued at $10,340,240.70. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith A. Goldan sold 3,410 shares of Syndax Pharmaceuticals 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 of the company’s stock, valued at approximately $2,953,221.87. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,063 shares of company stock worth $628,332 in the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in SNDX. Pallas Capital Advisors LLC raised its position in Syndax Pharmaceuticals by 8.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 10,985 shares of the company’s stock valued at $231,000 after acquiring an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Syndax Pharmaceuticals by 26.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock worth $89,000 after acquiring an additional 893 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Syndax Pharmaceuticals by 1.0% during the 3rd quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock worth $1,920,000 after purchasing an additional 1,241 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Syndax Pharmaceuticals by 7.5% during the 4th quarter. Verition Fund Management LLC now owns 18,460 shares of the company’s stock worth $388,000 after purchasing an additional 1,281 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Syndax Pharmaceuticals by 9.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 17,562 shares of the company’s stock valued at $374,000 after purchasing an additional 1,455 shares in the last quarter.

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.