Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month High – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $25.59 and last traded at $24.20, with a volume of 1558196 shares changing hands. The stock had previously closed at $24.02.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SNDX. JPMorgan Chase & Co. lifted their price target on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Monday, December 29th. BTIG Research reaffirmed a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a report on Friday, February 27th. Finally, Citigroup upped their price target on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a report on Monday, March 2nd. One investment 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.10.

Syndax Pharmaceuticals Stock Performance

The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -7.36 and a beta of 0.42. The company’s 50-day simple moving average is $21.67 and its 200-day simple moving average is $18.98. The company has a quick ratio of 4.12, a current ratio of 4.40 and a debt-to-equity ratio of 5.32.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). The company had revenue of $68.73 million for the quarter, compared to analyst estimates of $64.75 million. Syndax Pharmaceuticals had a negative net margin of 165.37% and a negative return on equity of 206.62%. Syndax Pharmaceuticals’s revenue was up 792.6% on a year-over-year basis. During the same quarter last year, the company posted ($1.10) EPS. Analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 17,159 shares of the company’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 completion of the sale, the chief executive officer directly owned 491,690 shares of the company’s stock, valued at $10,340,240.70. This represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith A. Goldan sold 3,410 shares of the 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 completion of the transaction, the chief financial officer owned 140,429 shares of the company’s stock, valued at $2,953,221.87. This trade represents a 2.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,063 shares of company stock worth $628,332 over the last ninety days. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of Syndax Pharmaceuticals by 2,698.9% in the fourth 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 lifted its position 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 acquiring an additional 1,922 shares in the last quarter. Quantbot Technologies LP acquired a new position in Syndax Pharmaceuticals in the 3rd quarter worth approximately $53,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 purchased a new position in Syndax Pharmaceuticals during the 2nd quarter worth approximately $66,000.

About Syndax Pharmaceuticals

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.