Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives $42.55 Average Price Target from Brokerages

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) have earned an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $42.5455.

SNDX has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, June 24th. Barclays boosted their price objective on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. HC Wainwright reissued a “buy” rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a report on Wednesday, July 15th. Mizuho cut their target price on Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Finally, UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th.

Syndax Pharmaceuticals Stock Down 4.3%

SNDX opened at $19.63 on Friday. The company has a 50 day moving average of $20.48 and a 200 day moving average of $21.44. The company has a market cap of $1.74 billion, a PE ratio of -7.04 and a beta of 0.37. Syndax Pharmaceuticals has a 12 month low of $9.49 and a 12 month high of $25.59. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The business had revenue of $64.86 million during the quarter, compared to analyst estimates of $69.76 million. During the same period in the previous year, the business earned ($0.98) EPS. Syndax Pharmaceuticals’s revenue was up 224.3% compared to the same quarter last year. On average, sell-side analysts expect that Syndax Pharmaceuticals will post -1.65 EPS for the current year.

Insider Transactions at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 32,375 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the transaction, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $11,752,594.32. This trade represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $18.14, for a total transaction of $566,602.90. Following the transaction, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at approximately $1,104,453.90. This represents a 33.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 105,914 shares of company stock worth $2,120,789. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Elmind Capital LP bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth approximately $38,974,000. Vanguard Group Inc. lifted its position in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after purchasing an additional 1,091,717 shares during the last quarter. Bank of America Corp DE lifted its position in Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after purchasing an additional 967,873 shares during the last quarter. Orbimed Advisors LLC purchased a new position in Syndax Pharmaceuticals in the 1st quarter worth approximately $22,479,000. Finally, Qube Research & Technologies Ltd grew its stake in Syndax Pharmaceuticals by 99.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock worth $15,601,000 after buying an additional 831,067 shares in the last quarter.

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.