Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Rating Upgraded by Zacks Investment Research

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Zacks Investment Research upgraded shares of Syndax Pharmaceuticals (NASDAQ:SNDX) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $7.75 price objective on the stock.

According to Zacks, “Syndax Pharmaceuticals, Inc. is a biopharmaceutical company which focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. The Company’s product pipeline includes ENCORE 601, ENCORE 602, J1353, NCI-7870, NCI-9844, E2112, NCI-8871 and NCI-9253 which are in clinical trial stage. Syndax Pharmaceuticals, Inc. is based in WALTHAM, United States. “

Several other brokerages have also issued reports on SNDX. HC Wainwright reaffirmed a buy rating on shares of Syndax Pharmaceuticals in a research report on Tuesday, July 16th. Nomura reaffirmed a buy rating and set a $16.00 target price on shares of Syndax Pharmaceuticals in a research report on Sunday, August 11th. BidaskClub lowered Syndax Pharmaceuticals from a strong-buy rating to a buy rating in a research report on Saturday, August 24th. ValuEngine lowered Syndax Pharmaceuticals from a buy rating to a hold rating in a research report on Tuesday, August 27th. Finally, Cowen reaffirmed a buy rating on shares of Syndax Pharmaceuticals in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $12.96.

NASDAQ:SNDX traded up $0.40 during trading hours on Wednesday, hitting $6.20. 311,040 shares of the company traded hands, compared to its average volume of 202,800. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.90 and a quick ratio of 4.90. The firm’s 50-day simple moving average is $8.23 and its 200-day simple moving average is $7.97. Syndax Pharmaceuticals has a one year low of $3.39 and a one year high of $11.11.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Syndax Pharmaceuticals had a negative net margin of 4,310.68% and a negative return on equity of 108.44%. The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.39 million. As a group, analysts forecast that Syndax Pharmaceuticals will post -1.94 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Syndax Pharmaceuticals by 12.3% during the 2nd quarter. BlackRock Inc. now owns 1,681,507 shares of the company’s stock valued at $15,655,000 after purchasing an additional 183,872 shares during the last quarter. Vanguard Group Inc. increased its holdings in Syndax Pharmaceuticals by 8.5% in the 2nd quarter. Vanguard Group Inc. now owns 1,029,150 shares of the company’s stock worth $9,581,000 after acquiring an additional 80,761 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Syndax Pharmaceuticals by 37.3% in the 2nd quarter. Renaissance Technologies LLC now owns 431,900 shares of the company’s stock worth $4,021,000 after acquiring an additional 117,300 shares during the last quarter. Sofinnova Investments Inc. increased its holdings in Syndax Pharmaceuticals by 13.8% in the 2nd quarter. Sofinnova Investments Inc. now owns 242,729 shares of the company’s stock worth $2,260,000 after acquiring an additional 29,370 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in Syndax Pharmaceuticals by 33.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 198,170 shares of the company’s stock worth $1,845,000 after acquiring an additional 50,030 shares during the last quarter. 63.30% of the stock is owned by hedge funds and other institutional investors.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates include entinostat, which is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

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