Syndax Pharmaceuticals (NASDAQ:SNDX) Given “Buy” Rating at HC Wainwright

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

Other equities analysts have also issued research reports about the stock. B. Riley raised shares of Syndax Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, August 6th. Citigroup upped 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. The Goldman Sachs Group upped their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Finally, UBS Group dropped 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX stock opened at $13.11 on Monday. Syndax Pharmaceuticals has a one year low of $8.58 and a one year high of $22.50. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. The company has a 50 day moving average price of $15.56 and a 200 day moving average price of $12.49. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -3.37 and a beta of 0.68.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Monday, August 4th. The company reported ($0.83) 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 analyst estimates of $26.64 million. During the same quarter in the prior year, the business posted ($0.80) earnings per share. Syndax Pharmaceuticals’s revenue for the quarter was up 984.5% compared to the same quarter last year. Sell-side analysts anticipate that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $16.41, for a total value 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 $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 Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $304,128.00. Following the completion of the sale, the director directly owned 191,763 shares of the company’s stock, valued at $3,037,525.92. The trade was a 9.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,707 shares of company stock valued at $3,183,904 in the last three months. Company 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 SNDX. Bank of America Corp DE boosted its stake in shares of Syndax Pharmaceuticals by 33.7% in the second 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 period. Qube Research & Technologies Ltd boosted its stake in shares of Syndax Pharmaceuticals by 99.5% in the second 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 period. Adage Capital Partners GP L.L.C. boosted its stake in shares of Syndax Pharmaceuticals by 126.8% in the second 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 period. Stempoint Capital LP boosted its stake in shares of Syndax Pharmaceuticals by 48.4% in the second 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 period. Finally, Jump Financial LLC purchased a new position in shares of Syndax Pharmaceuticals in the second quarter valued at $3,568,000.

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).