Syndax Pharmaceuticals (NASDAQ:SNDX) Announces Quarterly Earnings Results, Misses Expectations By $0.10 EPS

Syndax Pharmaceuticals (NASDAQ:SNDX) announced its quarterly earnings data on Tuesday. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10), Zacks reports. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.

Syndax Pharmaceuticals Stock Performance

SNDX stock traded down $0.16 during midday trading on Tuesday, hitting $19.08. 2,010,990 shares of the company traded hands, compared to its average volume of 1,615,348. Syndax Pharmaceuticals has a twelve month low of $11.91 and a twelve month high of $25.59. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -6.84 and a beta of 0.40. 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 business has a 50 day simple moving average of $20.42 and a 200-day simple moving average of $21.40.

Insiders Place Their Bets

In related news, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total value of $617,040.00. Following the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,095,930. This trade represents a 36.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael A. Metzger sold 32,375 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the transaction, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at $11,752,594.32. This represents a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 105,914 shares of company stock worth $2,120,789 over the last quarter. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in Syndax Pharmaceuticals by 20.6% in the fourth quarter. Invesco Ltd. now owns 160,525 shares of the company’s stock worth $3,373,000 after purchasing an additional 27,434 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter valued at approximately $374,000. Virtus Investment Advisers LLC boosted its stake in Syndax Pharmaceuticals by 214.6% in the 4th quarter. Virtus Investment Advisers LLC now owns 33,549 shares of the company’s stock valued at $705,000 after buying an additional 22,885 shares in the last quarter. Twinbeech Capital LP grew its position in Syndax Pharmaceuticals by 19.4% in the fourth quarter. Twinbeech Capital LP now owns 52,900 shares of the company’s stock valued at $1,111,000 after acquiring an additional 8,606 shares during the period. Finally, Sphera Funds Management LTD. lifted its holdings in shares of Syndax Pharmaceuticals by 96.7% during the fourth quarter. Sphera Funds Management LTD. now owns 762,563 shares of the company’s stock valued at $16,021,000 after acquiring an additional 374,847 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Syndax Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. UBS Group reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. Barclays boosted their price target on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Finally, HC Wainwright reissued a “buy” rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.55.

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.