Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 10.9% After Analyst Upgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price was up 10.9% during mid-day trading on Monday after Barclays raised their price target on the stock from $22.00 to $35.00. Barclays currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $19.52 and last traded at $19.3450. Approximately 1,921,125 shares changed hands during trading, a decline of 19% from the average daily volume of 2,377,498 shares. The stock had previously closed at $17.44.

Several other analysts have also issued reports on the company. BTIG Research reissued a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a report on Monday, October 27th. Citigroup increased their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Syndax Pharmaceuticals in a research report on Monday, October 27th. Wall Street Zen raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Stifel Nicolaus initiated coverage on shares of Syndax Pharmaceuticals in a research note on Wednesday, September 10th. They issued a “buy” rating and a $44.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

Insider Buying and Selling at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 157,307 shares of the business’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the sale, the chief executive officer owned 298,661 shares in the company, valued at $4,901,027.01. The trade was a 34.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Phoenix Financial Ltd. acquired a new position in Syndax Pharmaceuticals in the 2nd quarter valued at approximately $701,000. Exome Asset Management LLC grew its stake in shares of Syndax Pharmaceuticals by 5.7% in the first quarter. Exome Asset Management LLC now owns 337,198 shares of the company’s stock worth $4,142,000 after purchasing an additional 18,298 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Syndax Pharmaceuticals by 127.7% in the first quarter. Deutsche Bank AG now owns 204,732 shares of the company’s stock worth $2,516,000 after purchasing an additional 114,828 shares during the last quarter. Aberdeen Group plc increased its holdings in Syndax Pharmaceuticals by 129.1% in the second quarter. Aberdeen Group plc now owns 303,426 shares of the company’s stock valued at $2,842,000 after purchasing an additional 170,993 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in Syndax Pharmaceuticals during the 2nd quarter worth $2,593,000.

Syndax Pharmaceuticals Price Performance

The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -5.08 and a beta of 0.73. The company has a fifty day simple moving average of $15.47 and a 200 day simple moving average of $13.00. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Monday, November 3rd. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The company had revenue of $45.87 million during the quarter, compared to analysts’ expectations of $49.08 million. During the same quarter in the prior year, the firm posted ($0.98) earnings per share. The business’s quarterly revenue was up 266.4% on a year-over-year basis. Equities research analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

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).