Palo Alto Investors LP Acquires Shares of 864,986 Syndax Pharmaceuticals, Inc. $SNDX

Palo Alto Investors LP purchased a new stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 864,986 shares of the company’s stock, valued at approximately $18,908,594,000. Syndax Pharmaceuticals accounts for about 2.6% of Palo Alto Investors LP’s holdings, making the stock its 14th biggest holding. Palo Alto Investors LP owned about 0.98% of Syndax Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Allworth Financial LP purchased a new position in Syndax Pharmaceuticals in the 2nd quarter valued at about $26,000. Larson Financial Group LLC increased its position in Syndax Pharmaceuticals by 192.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after purchasing an additional 1,922 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Syndax Pharmaceuticals in the 3rd quarter valued at $53,000. Smartleaf Asset Management LLC lifted its stake in shares of Syndax Pharmaceuticals by 2,698.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after purchasing an additional 2,564 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new position in Syndax Pharmaceuticals in the 2nd quarter worth approximately $66,000.

Insider Activity at Syndax Pharmaceuticals

In other news, CMO Nicholas A.J. Botwood sold 34,280 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the transaction, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,095,930. This represents a 36.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael A. Metzger sold 32,375 shares of the firm’s stock in a transaction dated 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 owned 484,843 shares in the company, valued at approximately $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 have sold a total of 105,914 shares of company stock valued at $2,120,789 in the last 90 days. 4.80% of the stock is owned by corporate insiders.

Syndax Pharmaceuticals Stock Up 0.3%

SNDX stock opened at $20.16 on Friday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -8.03 and a beta of 0.40. The company has a 50-day moving average of $20.92 and a two-hundred day moving average of $21.29. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. Syndax Pharmaceuticals, Inc. has a 52-week low of $12.99 and a 52-week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The company had revenue of $72.79 million during the quarter, compared to the consensus estimate of $79.36 million. During the same period last year, the company earned ($0.83) earnings per share. Syndax Pharmaceuticals’s revenue for the quarter was up 91.8% on a year-over-year basis. As a group, equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Barclays upped their price target on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. UBS Group reduced their price target on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, August 21st. Finally, Weiss Ratings raised Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.55.

Syndax Pharmaceuticals 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.