Syndax Pharmaceuticals (NASDAQ:SNDX) Earns “Buy” Rating from HC Wainwright

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $40.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 65.77% from the stock’s current price.

Other research analysts also recently issued reports about the company. Mizuho lowered their price objective on Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. UBS Group reissued a “buy” rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, June 24th. Barclays increased their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.55.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX stock opened at $24.13 on Wednesday. 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 moving average of $20.21 and a two-hundred day moving average of $21.39. Syndax Pharmaceuticals has a 52 week low of $9.03 and a 52 week high of $25.59. The company has a market cap of $2.14 billion, a P/E ratio of -8.65 and a beta of 0.37.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.11. The business had revenue of $64.86 million for the quarter, compared to analysts’ expectations of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business’s quarterly revenue was up 224.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.98) EPS. As a group, analysts anticipate that Syndax Pharmaceuticals will post -1.65 EPS for the current year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $18.14, for a total value of $566,602.90. Following the completion of the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,104,453.90. This represents a 33.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction of $784,770.00. Following the transaction, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 105,914 shares of company stock worth $2,120,789. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its position in shares of Syndax Pharmaceuticals by 2,698.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock valued at $55,000 after acquiring an additional 2,564 shares in the last quarter. Larson Financial Group LLC grew 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 acquired a new stake in Syndax Pharmaceuticals during the 3rd quarter valued at $53,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Syndax Pharmaceuticals by 26.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock valued at $89,000 after purchasing an additional 893 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at $66,000.

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.