Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 6.8% – Time to Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) rose 6.8% during trading on Tuesday . The stock traded as high as $16.56 and last traded at $16.79. Approximately 339,987 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 2,359,383 shares. The stock had previously closed at $15.72.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SNDX shares. Citigroup increased their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Wall Street Zen raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday. The Goldman Sachs Group upped their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Guggenheim initiated coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They issued a “buy” rating and a $34.00 price objective on the stock. Finally, BTIG Research restated a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research report on Monday, October 27th. One research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.70.

Syndax Pharmaceuticals Trading Up 11.9%

The company’s 50 day simple moving average is $15.23 and its 200-day simple moving average is $12.67. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The firm has a market cap of $1.53 billion, a P/E ratio of -4.51 and a beta of 0.73.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.04. The business had revenue of $45.87 million for the quarter, compared to analyst estimates of $49.08 million. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The company’s quarterly revenue was up 266.4% compared to the same quarter last year. During the same period last year, the company posted ($0.98) earnings per share. As a group, research analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In related news, Director Dennis Podlesak sold 19,200 shares of the 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 represents a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael A. Metzger sold 157,307 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the completion of the sale, the chief executive officer directly owned 298,661 shares of the company’s stock, valued at $4,901,027.01. The trade was a 34.50% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 195,707 shares of company stock valued at $3,183,904. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently bought and sold shares of SNDX. Quarry LP purchased a new stake in Syndax Pharmaceuticals in the 1st quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new stake in shares of Syndax Pharmaceuticals during the second quarter worth about $66,000. Tower Research Capital LLC TRC increased its stake in Syndax Pharmaceuticals by 103.3% during the 2nd 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 in the last quarter. Prudential Financial Inc. acquired a new position in Syndax Pharmaceuticals in the 2nd quarter valued at $97,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Syndax Pharmaceuticals in the second quarter worth about $103,000.

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).