Traders Buy High Volume of Syndax Pharmaceuticals Call Options (NASDAQ:SNDX)

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) was the recipient of unusually large options trading activity on Tuesday. Traders bought 2,329 call options on the stock. This represents an increase of approximately 254% compared to the typical volume of 658 call options.

Analyst Ratings Changes

Several research firms recently commented on SNDX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Mizuho reduced 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 note on Tuesday, March 31st. JPMorgan Chase & Co. boosted their price objective on shares of 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 raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $42.55.

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 6,847 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $18.99, for a total transaction of $130,024.53. Following the completion of the transaction, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its holdings in Syndax Pharmaceuticals by 3.2% during the first quarter. Hsbc Holdings PLC now owns 23,461 shares of the company’s stock worth $556,000 after buying an additional 730 shares in the last quarter. Pallas Capital Advisors LLC boosted its holdings in Syndax Pharmaceuticals by 8.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 10,985 shares of the company’s stock worth $231,000 after buying an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Syndax Pharmaceuticals by 26.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock worth $89,000 after buying an additional 893 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Syndax Pharmaceuticals by 1.0% during the third quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock worth $1,920,000 after buying an additional 1,241 shares in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in Syndax Pharmaceuticals by 7.5% during the fourth quarter. Verition Fund Management LLC now owns 18,460 shares of the company’s stock worth $388,000 after buying an additional 1,281 shares in the last quarter.

Syndax Pharmaceuticals Stock Up 4.3%

SNDX stock opened at $17.69 on Wednesday. The firm’s fifty day simple moving average is $21.37 and its 200-day simple moving average is $21.24. The company has a market capitalization of $1.57 billion, a P/E ratio of -6.34 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06. Syndax Pharmaceuticals has a 12 month low of $8.59 and a 12 month high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $64.86 million for the quarter, compared to the consensus estimate of $69.76 million. During the same period in the prior year, the firm posted ($0.98) earnings per share. The firm’s quarterly revenue was up 224.3% compared to the same quarter last year. As a group, equities research analysts forecast that Syndax Pharmaceuticals will post -1.66 earnings per share for the current year.

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.