Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 1-Year High – Here’s Why

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) reached a new 52-week high on Tuesday . The stock traded as high as $21.50 and last traded at $21.48, with a volume of 1371684 shares traded. The stock had previously closed at $20.77.

Wall Street Analysts Forecast Growth

SNDX has been the topic of a number of recent analyst reports. BTIG Research reiterated a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. The Goldman Sachs Group lifted their price objective 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. 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 target price on the stock. UBS Group raised their price target on shares of Syndax Pharmaceuticals from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $37.20.

Syndax Pharmaceuticals Price Performance

The firm’s 50 day moving average price is $17.57 and its two-hundred day moving average price is $14.50. The company has a debt-to-equity ratio of 2.78, a current ratio of 4.64 and a quick ratio of 4.42. The stock has a market cap of $1.87 billion, a PE ratio of -5.96 and a beta of 0.48.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative net margin of 279.31% and a negative return on equity of 160.60%. The company had revenue of $45.87 million during the quarter, compared to the consensus estimate of $49.08 million. During the same period last year, the firm earned ($0.98) EPS. Syndax Pharmaceuticals’s revenue for the quarter was up 266.4% on a year-over-year basis. On average, research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP bought a new position in Syndax Pharmaceuticals in the 1st quarter worth about $25,000. Larson Financial Group LLC lifted its holdings in shares of Syndax Pharmaceuticals by 192.2% in the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after buying an additional 1,922 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Syndax Pharmaceuticals in the third quarter valued at approximately $53,000. Lazard Asset Management LLC purchased a new position in Syndax Pharmaceuticals during the second quarter valued at approximately $66,000. Finally, Tower Research Capital LLC TRC grew its stake in Syndax Pharmaceuticals by 103.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock valued at $79,000 after acquiring an additional 4,308 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.