Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 1-Year High – Still a Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price reached a new 52-week high on Friday . The company traded as high as $25.44 and last traded at $25.07, with a volume of 453951 shares traded. The stock had previously closed at $24.00.

Analyst Ratings Changes

Several brokerages have issued reports on SNDX. Citigroup raised their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. JPMorgan Chase & Co. upped their target price on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, March 9th. BTIG Research reiterated a “buy” rating and issued a $56.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Barclays raised their price target on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.10.

Syndax Pharmaceuticals Stock Performance

The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. The company has a market capitalization of $2.14 billion, a PE ratio of -7.36 and a beta of 0.42. The firm’s 50-day simple moving average is $21.47 and its 200-day simple moving average is $18.82.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The company had revenue of $68.73 million for the quarter, compared to analysts’ expectations of $64.75 million. During the same period last year, the business posted ($1.10) earnings per share. The business’s revenue was up 792.6% compared to the same quarter last year. On average, research analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 17,159 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $360,853.77. Following the transaction, the chief executive officer directly owned 491,690 shares in the company, valued at $10,340,240.70. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Keith A. Goldan sold 3,410 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $71,712.30. Following the sale, the chief financial officer directly owned 140,429 shares of the company’s stock, valued at approximately $2,953,221.87. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,063 shares of company stock worth $628,332 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its holdings in Syndax Pharmaceuticals by 2,698.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after acquiring an additional 2,564 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Syndax Pharmaceuticals by 192.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after purchasing an additional 1,922 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Syndax Pharmaceuticals in the 3rd quarter worth approximately $53,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Syndax Pharmaceuticals by 26.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock worth $89,000 after purchasing an additional 893 shares during the period. Finally, Lazard Asset Management LLC bought a new position in shares of Syndax Pharmaceuticals during the second quarter valued at approximately $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.