Weiss Ratings Reaffirms “Sell (E+)” Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “sell (e+)” rating reaffirmed by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Saturday,Weiss Ratings reports.

Several other brokerages have also recently issued reports on SNDX. Guggenheim assumed coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a “buy” rating and a $34.00 price target on the stock. Stifel Nicolaus assumed coverage on shares of Syndax Pharmaceuticals in a research report on Wednesday, September 10th. They set a “buy” rating and a $44.00 price target on the stock. HC Wainwright assumed coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, October 16th. They set a “buy” rating and a $40.00 price target on the stock. Citigroup boosted their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Finally, BTIG Research restated a “buy” rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a report on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Syndax Pharmaceuticals Price Performance

Shares of Syndax Pharmaceuticals stock opened at $13.53 on Friday. Syndax Pharmaceuticals has a 52 week low of $8.58 and a 52 week high of $22.50. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The business has a 50 day moving average of $15.62 and a 200 day moving average of $12.48. The company has a market cap of $1.17 billion, a PE ratio of -3.48 and a beta of 0.68.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating 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 company had revenue of $37.96 million for the quarter, compared to analysts’ expectations of $26.64 million. During the same quarter in the previous year, the company earned ($0.80) earnings per share. Syndax Pharmaceuticals’s quarterly revenue was up 984.5% on a year-over-year basis. As a group, equities research analysts forecast that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the sale, the chief executive officer directly owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. This represents a 34.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis Podlesak sold 19,200 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the sale, the director directly owned 191,763 shares in the company, valued at approximately $3,037,525.92. This represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,707 shares of company stock worth $3,183,904. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. Phoenix Financial Ltd. purchased a new stake in shares of Syndax Pharmaceuticals during the second quarter valued at approximately $701,000. Exome Asset Management LLC grew its holdings in shares of Syndax Pharmaceuticals by 5.7% during the first quarter. Exome Asset Management LLC now owns 337,198 shares of the company’s stock valued at $4,142,000 after buying an additional 18,298 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Syndax Pharmaceuticals by 127.7% during the first quarter. Deutsche Bank AG now owns 204,732 shares of the company’s stock valued at $2,516,000 after buying an additional 114,828 shares during the last quarter. Aberdeen Group plc grew its holdings in shares of Syndax Pharmaceuticals by 129.1% during the second quarter. Aberdeen Group plc now owns 303,426 shares of the company’s stock valued at $2,842,000 after buying an additional 170,993 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Syndax Pharmaceuticals during the first quarter valued at approximately $783,000.

About Syndax Pharmaceuticals

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).