The Goldman Sachs Group Forecasts Strong Price Appreciation for Syndax Pharmaceuticals (NASDAQ:SNDX) Stock

Syndax Pharmaceuticals (NASDAQ:SNDX) had its target price increased by The Goldman Sachs Group from $28.00 to $34.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 35.19% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Friday, March 27th. Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a research report on Friday, February 27th. Mizuho lowered their target price on Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, March 9th. Finally, Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $40.33.

Syndax Pharmaceuticals Stock Performance

NASDAQ SNDX opened at $25.15 on Wednesday. The company has a market capitalization of $2.22 billion, a PE ratio of -7.64 and a beta of 0.41. 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 52-week low of $8.58 and a 52-week high of $25.59. The company has a 50-day simple moving average of $22.06 and a 200 day simple moving average of $19.28.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its 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 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 analysts’ expectations of $64.75 million. During the same quarter in the previous year, the firm earned ($1.10) earnings per share. The firm’s revenue was up 792.6% compared to the same quarter last year. On average, research analysts predict that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 17,159 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the transaction, the chief executive officer directly owned 491,690 shares of the company’s stock, valued at approximately $10,340,240.70. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith A. Goldan sold 3,410 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction of $71,712.30. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 30,063 shares of company stock valued at $628,332. 4.10% of the stock is owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Elmind Capital LP purchased a new stake in Syndax Pharmaceuticals during the 4th quarter worth about $38,974,000. Vanguard Group Inc. grew its holdings in Syndax Pharmaceuticals by 21.2% during the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after buying an additional 1,091,717 shares in the last quarter. Bank of America Corp DE grew its holdings in 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. Qube Research & Technologies Ltd grew its holdings 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 valued at $15,601,000 after buying an additional 831,067 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Syndax Pharmaceuticals by 126.8% during the second 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.

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.