Syndax Pharmaceuticals’ (SNDX) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research note published on Wednesday, Marketbeat Ratings reports. The firm currently has a $40.00 price target on the stock.

SNDX has been the subject of several other reports. Jefferies Financial Group restated a “buy” rating and set a $40.00 target price (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, June 24th. UBS Group reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. Mizuho cut their price objective on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Finally, The Goldman Sachs Group upped their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.55.

Syndax Pharmaceuticals Trading Up 0.4%

Shares of NASDAQ:SNDX opened at $22.80 on Wednesday. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -8.17 and a beta of 0.37. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. The stock’s 50-day simple moving average is $20.34 and its two-hundred day simple moving average is $21.42. Syndax Pharmaceuticals has a 52-week low of $9.27 and a 52-week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business had revenue of $64.86 million during the quarter, compared to the consensus estimate of $69.76 million. During the same period in the previous year, the company posted ($0.98) EPS. The business’s quarterly revenue was up 224.3% compared to the same quarter last year. Analysts expect that Syndax Pharmaceuticals will post -1.65 EPS for the current year.

Insider Activity at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CMO Nicholas A.J. Botwood sold 31,235 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $18.14, for a total transaction of $566,602.90. Following the transaction, the chief marketing officer owned 60,885 shares of the company’s stock, valued at $1,104,453.90. The trade was a 33.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael A. Metzger sold 32,375 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the transaction, the chief executive officer owned 484,843 shares of the company’s stock, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 105,914 shares of company stock valued at $2,120,789 over the last three months. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in Syndax Pharmaceuticals by 2,698.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after buying an additional 2,564 shares during the period. Larson Financial Group LLC raised its holdings in Syndax Pharmaceuticals by 192.2% during the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after acquiring an additional 1,922 shares during the period. Quantbot Technologies LP purchased a new position in shares of Syndax Pharmaceuticals in the third quarter valued at about $53,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Syndax Pharmaceuticals by 26.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock valued at $89,000 after acquiring an additional 893 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Syndax Pharmaceuticals in the second quarter valued at about $66,000.

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.