Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 6% Higher – Here’s What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) traded up 6% during mid-day trading on Wednesday . The company traded as high as $24.75 and last traded at $24.63. Approximately 1,223,386 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 1,615,878 shares. The stock had previously closed at $23.24.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNDX shares. The Goldman Sachs Group raised their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, April 1st. Jefferies Financial Group restated a “buy” rating and set a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a research note on Monday, March 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, June 24th. Barclays increased their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Finally, UBS Group reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $42.55.

Syndax Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $19.89 and a 200 day simple moving average of $21.29. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26. The company has a market capitalization of $2.19 billion, a PE ratio of -8.85 and a beta of 0.37.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.11. The business had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The company’s revenue was up 224.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.98) earnings per share. Equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CMO Nicholas A.J. Botwood sold 34,280 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the sale, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at $1,095,930. The trade was a 36.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael A. Metzger sold 6,847 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $18.99, for a total value of $130,024.53. Following the completion of the transaction, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $9,207,168.57. The trade was a 1.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 73,539 shares of company stock worth $1,336,019 in the last 90 days. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Syndax Pharmaceuticals

Several large investors have recently added to or reduced their stakes in SNDX. Palumbo Wealth Management LLC purchased a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth about $1,079,000. Apis Capital Advisors LLC purchased a new stake in Syndax Pharmaceuticals in the third quarter valued at approximately $9,816,000. Torray Investment Partners LLC acquired a new position in Syndax Pharmaceuticals in the 4th quarter worth approximately $2,055,000. SG Americas Securities LLC increased its holdings in Syndax Pharmaceuticals by 184.5% in the 4th quarter. SG Americas Securities LLC now owns 129,227 shares of the company’s stock worth $2,715,000 after buying an additional 83,801 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its position in Syndax Pharmaceuticals by 236.0% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 183,802 shares of the company’s stock worth $3,862,000 after buying an additional 129,104 shares during the last quarter.

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.