Guggenheim Initiates Coverage on Syndax Pharmaceuticals (NASDAQ:SNDX)

Stock analysts at Guggenheim started coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $34.00 price target on the stock. Guggenheim’s price objective suggests a potential upside of 99.53% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group began coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, July 10th. They set a “buy” rating and a $18.00 price target for the company. BTIG Research lifted their price target on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. UBS Group lowered their price target on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, July 15th. B. Riley upgraded shares of Syndax Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, August 6th. Finally, Citigroup lifted their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $38.89.

Syndax Pharmaceuticals Trading Up 5.3%

Shares of NASDAQ SNDX opened at $17.04 on Thursday. Syndax Pharmaceuticals has a 1-year low of $8.58 and a 1-year high of $22.50. The company has a market cap of $1.47 billion, a PE ratio of -4.38 and a beta of 0.72. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06. The company has a 50-day moving average of $12.22 and a two-hundred day moving average of $12.03.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The company had revenue of $37.96 million during the quarter, compared to the consensus estimate of $26.64 million. During the same period in the previous year, the firm posted ($0.80) earnings per share. The company’s revenue was up 984.5% on a year-over-year basis. As a group, equities analysts expect that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In other news, Director Dennis Podlesak sold 19,200 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares in the company, valued at $3,037,525.92. This represents a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael A. Metzger sold 7,534 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $9.29, for a total transaction of $69,990.86. Following the completion of the transaction, the chief executive officer owned 298,661 shares of the company’s stock, valued at $2,774,560.69. This trade represents a 2.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,230 shares of company stock valued at $684,527 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hudson Bay Capital Management LP boosted its holdings in shares of Syndax Pharmaceuticals by 77.3% in the second quarter. Hudson Bay Capital Management LP now owns 443,300 shares of the company’s stock valued at $4,152,000 after buying an additional 193,300 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Syndax Pharmaceuticals by 103.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after purchasing an additional 4,308 shares in the last quarter. Soleus Capital Management L.P. boosted its holdings in Syndax Pharmaceuticals by 33.7% during the second quarter. Soleus Capital Management L.P. now owns 1,092,110 shares of the company’s stock worth $10,228,000 after purchasing an additional 275,500 shares during the last quarter. Man Group plc boosted its holdings in Syndax Pharmaceuticals by 70.1% during the second quarter. Man Group plc now owns 228,167 shares of the company’s stock worth $2,137,000 after purchasing an additional 94,031 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Syndax Pharmaceuticals during the second quarter worth $66,000.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).