Syndax Pharmaceuticals’ (SNDX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a report released on Wednesday morning, MarketBeat Ratings reports. HC Wainwright currently has a $40.00 price objective on the stock.

A number of other equities analysts have also weighed in on SNDX. Mizuho cut their price objective on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. The Goldman Sachs Group lifted their target price on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. UBS Group reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Barclays increased their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, Jefferies Financial Group restated a “buy” rating and set a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $42.55.

Syndax Pharmaceuticals Trading Down 2.5%

Syndax Pharmaceuticals stock opened at $23.52 on Wednesday. The stock has a 50-day moving average price of $20.27 and a 200 day moving average price of $21.40. Syndax Pharmaceuticals has a 52 week low of $9.03 and a 52 week high of $25.59. The stock has a market cap of $2.08 billion, a PE ratio of -8.43 and a beta of 0.37. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The company had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. During the same period in the prior year, the firm earned ($0.98) EPS. The firm’s quarterly revenue was up 224.3% on a year-over-year basis. Equities research analysts predict that Syndax Pharmaceuticals will post -1.65 earnings per share for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 32,375 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the transaction, the chief executive officer owned 484,843 shares of the company’s stock, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $18.14, for a total transaction of $566,602.90. Following the transaction, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,104,453.90. This represents a 33.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 105,914 shares of company stock worth $2,120,789 over the last three months. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC boosted its holdings in Syndax Pharmaceuticals by 192.2% in the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after acquiring an additional 1,922 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Syndax Pharmaceuticals during the third quarter worth about $53,000. Smartleaf Asset Management LLC raised its holdings in shares of Syndax Pharmaceuticals by 2,698.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after purchasing an additional 2,564 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth about $66,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Syndax Pharmaceuticals by 103.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock valued at $79,000 after purchasing an additional 4,308 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.