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

HC Wainwright restated their buy rating on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research report sent to investors on Monday,Benzinga reports. HC Wainwright currently has a $40.00 target price on the stock.

Several other research firms also recently issued reports on SNDX. The Goldman Sachs Group boosted their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 5th. BTIG Research reissued a “buy” rating and issued a $56.00 target price on shares of Syndax Pharmaceuticals in a research report on Friday, September 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. Guggenheim initiated coverage on shares of Syndax Pharmaceuticals in a research note on Thursday, September 4th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, B. Riley raised shares of Syndax Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ:SNDX opened at $13.22 on Monday. Syndax Pharmaceuticals has a one year low of $8.58 and a one year high of $22.50. The stock has a fifty day moving average of $15.47 and a 200-day moving average of $12.52. The company has a market capitalization of $1.14 billion, a PE ratio of -3.40 and a beta of 0.68. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The business had revenue of $37.96 million for the quarter, compared to analysts’ expectations of $26.64 million. During the same period in the previous year, the firm posted ($0.80) EPS. The company’s quarterly revenue was up 984.5% on a year-over-year basis. As a group, equities analysts anticipate that Syndax Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael A. Metzger sold 157,307 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. This trade represents a 34.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis Podlesak sold 19,200 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the completion of the sale, the director owned 191,763 shares of the company’s stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 195,707 shares of company stock worth $3,183,904. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Quarry LP acquired a new stake in shares of Syndax Pharmaceuticals in the 1st quarter valued at $25,000. Lazard Asset Management LLC bought a new position in Syndax Pharmaceuticals during the second quarter valued at about $66,000. Tower Research Capital LLC TRC lifted its position in shares of Syndax Pharmaceuticals by 103.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after buying an additional 4,308 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter worth about $97,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter worth about $103,000.

About Syndax Pharmaceuticals

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).