Jefferies Financial Group Reiterates Buy Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reiterated by research analysts at Jefferies Financial Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $40.00 price objective on the stock, down from their previous price objective of $48.00. Jefferies Financial Group’s target price indicates a potential upside of 71.23% from the stock’s current price.

SNDX has been the topic of a number of other research reports. BTIG Research reissued a “buy” rating and issued a $56.00 price target 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 Friday. Stifel Nicolaus set a $45.00 target price on shares of Syndax Pharmaceuticals in a report on Friday, February 27th. JPMorgan Chase & Co. raised their target price on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $39.50.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX opened at $23.36 on Monday. 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 has a fifty-two week low of $8.58 and a fifty-two week high of $25.59. The firm has a market cap of $2.06 billion, a PE ratio of -7.10 and a beta of 0.42. The business has a 50 day moving average price of $21.91 and a 200-day moving average price of $19.21.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $68.73 million during the quarter, compared to analysts’ expectations of $64.75 million. During the same period in the previous year, the firm earned ($1.10) earnings per share. The firm’s quarterly revenue was up 792.6% compared to the same quarter last year. Equities research analysts predict that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CFO Keith A. Goldan sold 3,410 shares of the 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 completion of the transaction, the chief financial officer directly owned 140,429 shares of the company’s stock, valued at $2,953,221.87. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 owned 491,690 shares of the company’s stock, valued at $10,340,240.70. This trade represents a 3.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,063 shares of company stock worth $628,332 in the last ninety days. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after purchasing an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. lifted its position in Syndax Pharmaceuticals by 3.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after buying an additional 208,941 shares during the period. State Street Corp boosted its holdings in shares of Syndax Pharmaceuticals by 19.3% during the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after buying an additional 743,003 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Syndax Pharmaceuticals by 33.7% during 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 buying an additional 967,873 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. grew its position in shares of Syndax Pharmaceuticals by 19.0% in the 3rd quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock worth $38,462,000 after buying an additional 400,000 shares during the period.

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.