Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 6.6% Following Analyst Upgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price rose 6.6% during trading on Monday after Barclays raised their price target on the stock from $35.00 to $37.00. Barclays currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $20.41 and last traded at $20.37. Approximately 177,648 shares changed hands during trading, a decline of 88% from the average daily volume of 1,425,286 shares. The stock had previously closed at $19.11.

Several other research firms have also recently commented on SNDX. Citigroup upped their target price on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Stifel Nicolaus set a $45.00 target price on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. Mizuho cut their target price on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. The Goldman Sachs Group upped their target price on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.50.

Insiders Place Their Bets

In other news, CFO Keith A. Goldan sold 3,410 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $71,712.30. Following the completion of the transaction, the chief financial officer owned 140,429 shares in the company, valued at approximately $2,953,221.87. This represents a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 17,159 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction of $360,853.77. Following the completion of the transaction, the chief executive officer owned 491,690 shares of the company’s stock, valued at approximately $10,340,240.70. This represents a 3.37% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 30,063 shares of company stock valued at $628,332. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently made changes to their positions in SNDX. Elmind Capital LP bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter worth about $38,974,000. Vanguard Group Inc. grew its holdings in shares of Syndax Pharmaceuticals by 21.2% in the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after purchasing an additional 1,091,717 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock worth $35,951,000 after purchasing an additional 967,873 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of 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 purchasing an additional 831,067 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Syndax Pharmaceuticals by 126.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,432,440 shares of the company’s stock worth $13,415,000 after purchasing an additional 800,800 shares during the last quarter.

Syndax Pharmaceuticals Trading Up 6.6%

The company’s fifty day moving average price is $23.03 and its two-hundred day moving average price is $20.43. The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. The firm has a market cap of $1.80 billion, a P/E ratio of -7.30 and a beta of 0.41.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 216.23%. The business had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. During the same quarter in the prior year, the firm earned ($0.98) EPS. The firm’s quarterly revenue was up 224.3% compared to the same quarter last year. As a group, sell-side analysts predict that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current fiscal year.

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.