Analysts Set Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Target Price at $42.55

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) has been assigned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $42.5455.

Several research firms have issued reports on SNDX. Citigroup upped their price target on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. Barclays increased their target price on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, May 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 report on Monday, March 30th. Finally, JPMorgan Chase & Co. lifted their price target on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, March 9th.

Syndax Pharmaceuticals Trading Down 0.6%

Shares of SNDX opened at $17.58 on Friday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -6.30 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. Syndax Pharmaceuticals has a fifty-two week low of $8.59 and a fifty-two week high of $25.59. The firm has a 50 day moving average price of $21.28 and a 200-day moving average price of $21.24.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.11. The company had revenue of $64.86 million during the quarter, compared to analysts’ expectations of $69.76 million. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The firm’s revenue was up 224.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.98) EPS. As a group, equities research analysts forecast that Syndax Pharmaceuticals will post -1.66 earnings per share for the current year.

Insider Activity

In related news, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals 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 transaction, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at $9,207,168.57. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after acquiring an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Syndax Pharmaceuticals by 3.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after acquiring an additional 208,941 shares during the last quarter. State Street Corp raised its stake in shares of Syndax Pharmaceuticals by 19.3% during the fourth quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after acquiring an additional 743,003 shares during the last quarter. Bank of America Corp DE raised its stake in shares of 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 acquiring an additional 967,873 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. raised its stake in shares of Syndax Pharmaceuticals by 19.0% during the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock valued at $38,462,000 after acquiring an additional 400,000 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.