Scotiabank Forecasts Strong Price Appreciation for Syndax Pharmaceuticals (NASDAQ:SNDX) Stock

Syndax Pharmaceuticals (NASDAQ:SNDX) had its target price lifted by research analysts at Scotiabank from $16.00 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target suggests a potential upside of 51.60% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. StockNews.com raised shares of Syndax Pharmaceuticals to a “sell” rating in a research report on Thursday, April 10th. HC Wainwright reissued a “buy” rating and set a $51.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, March 4th. Guggenheim restated a “buy” rating and issued a $32.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Finally, Citigroup decreased their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.91.

Syndax Pharmaceuticals Stock Performance

NASDAQ SNDX traded down $2.36 on Tuesday, reaching $11.21. The company had a trading volume of 2,739,848 shares, compared to its average volume of 1,630,938. The company’s fifty day moving average is $12.85 and its 200-day moving average is $14.59. Syndax Pharmaceuticals has a 1-year low of $9.66 and a 1-year high of $25.07. The firm has a market capitalization of $964.90 million, a price-to-earnings ratio of -3.12 and a beta of 0.82.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Tuesday, May 6th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.26. The firm had revenue of $20.04 million during the quarter, compared to analyst estimates of $15.88 million. During the same period in the prior year, the business posted ($0.85) EPS. The firm’s quarterly revenue was up 1900.0% compared to the same quarter last year. On average, research analysts forecast that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 13,288 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $205,964.00. Following the completion of the sale, the chief executive officer now owns 300,121 shares of the company’s stock, valued at $4,651,875.50. The trade was a 4.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith A. Goldan sold 3,777 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $58,543.50. Following the transaction, the chief financial officer now directly owns 90,746 shares in the company, valued at $1,406,563. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,683 shares of company stock valued at $336,087. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNDX. Barclays PLC increased its position in shares of Syndax Pharmaceuticals by 143.4% in the third quarter. Barclays PLC now owns 187,629 shares of the company’s stock worth $3,612,000 after purchasing an additional 110,535 shares during the period. Franklin Resources Inc. increased its holdings in Syndax Pharmaceuticals by 13.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock valued at $34,948,000 after buying an additional 208,043 shares during the period. Assenagon Asset Management S.A. increased its holdings in Syndax Pharmaceuticals by 343.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock valued at $27,292,000 after buying an additional 1,598,428 shares during the period. Inspire Investing LLC raised its position in shares of Syndax Pharmaceuticals by 44.5% in the 4th quarter. Inspire Investing LLC now owns 30,792 shares of the company’s stock valued at $407,000 after buying an additional 9,484 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Syndax Pharmaceuticals by 104.8% during the 4th quarter. KBC Group NV now owns 6,954 shares of the company’s stock worth $92,000 after acquiring an additional 3,559 shares in the last quarter.

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).