BTIG Research Reiterates “Buy” Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reiterated by research analysts at BTIG Research in a report released on Friday,Benzinga reports. They presently have a $56.00 price objective on the stock. BTIG Research’s target price would suggest a potential upside of 278.89% from the company’s previous close.

Several other research analysts have also recently issued reports on SNDX. Citigroup raised their target price on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. Stifel Nicolaus started coverage on shares of Syndax Pharmaceuticals in a report on Wednesday, September 10th. They set a “buy” rating and a $44.00 target price for the company. B. Riley raised shares of Syndax Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 6th. UBS Group reduced their target price on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. Finally, Guggenheim started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $34.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $39.22.

Syndax Pharmaceuticals Trading Down 4.3%

NASDAQ SNDX opened at $14.78 on Friday. The company has a fifty day simple moving average of $13.49 and a two-hundred day simple moving average of $12.02. The stock has a market cap of $1.27 billion, a P/E ratio of -3.80 and a beta of 0.72. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $22.50. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $37.96 million during the quarter, compared to analysts’ expectations of $26.64 million. During the same quarter last year, the company posted ($0.80) earnings per share. The firm’s revenue was up 984.5% compared to the same quarter last year. On average, analysts forecast that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In related news, Director Dennis Podlesak sold 19,200 shares of the company’s stock in a transaction 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 sale, the director owned 191,763 shares in the company, valued at $3,037,525.92. This represents a 9.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael A. Metzger sold 157,307 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the completion of the sale, the chief executive officer owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. This trade represents a 34.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 204,537 shares of company stock valued at $3,265,935. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of SNDX. Bank of America Corp DE raised its position in Syndax Pharmaceuticals by 33.7% in 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 purchasing an additional 967,873 shares during the last quarter. Qube Research & Technologies Ltd raised its position in Syndax Pharmaceuticals by 99.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock valued at $15,601,000 after purchasing an additional 831,067 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Syndax Pharmaceuticals by 126.8% in the 2nd 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 purchasing an additional 800,800 shares during the last quarter. Stempoint Capital LP raised its position in Syndax Pharmaceuticals by 48.4% in the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company’s stock valued at $22,220,000 after purchasing an additional 774,040 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at $3,568,000.

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).