Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Up 10.9% After Analyst Upgrade

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shot up 10.9% during mid-day trading on Monday after Barclays raised their price target on the stock from $22.00 to $35.00. Barclays currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $19.52 and last traded at $19.3450. 1,921,125 shares were traded during trading, a decline of 19% from the average session volume of 2,377,498 shares. The stock had previously closed at $17.44.

A number of other analysts also recently weighed in on the company. UBS Group increased their price objective on Syndax Pharmaceuticals from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. decreased their price target on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, November 12th. BTIG Research reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. HC Wainwright reiterated a “buy” rating and issued a $40.00 target price on shares of Syndax Pharmaceuticals in a report on Monday, October 27th. Finally, Stifel Nicolaus started coverage on shares of Syndax Pharmaceuticals in a research report on Wednesday, September 10th. They set a “buy” rating and a $44.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $37.20.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 157,307 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the completion of the sale, the chief executive officer directly owned 298,661 shares in the company, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.10% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Schroder Investment Management Group increased its stake in shares of Syndax Pharmaceuticals by 1.0% in the 3rd quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock valued at $1,920,000 after acquiring an additional 1,241 shares in the last quarter. Larson Financial Group LLC grew its holdings in Syndax Pharmaceuticals by 192.2% in the third 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 during the period. Quarry LP acquired a new stake in Syndax Pharmaceuticals in the first quarter worth $25,000. Teacher Retirement System of Texas increased its stake in Syndax Pharmaceuticals by 11.9% in the second quarter. Teacher Retirement System of Texas now owns 23,132 shares of the company’s stock valued at $217,000 after purchasing an additional 2,458 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Syndax Pharmaceuticals by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 44,149 shares of the company’s stock valued at $413,000 after purchasing an additional 2,479 shares during the period.

Syndax Pharmaceuticals Stock Up 10.1%

The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -4.92 and a beta of 0.73. The firm’s fifty day moving average price is $15.39 and its two-hundred day moving average price is $12.93. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The business had revenue of $45.87 million during the quarter, compared to analyst estimates of $49.08 million. During the same period in the previous year, the company posted ($0.98) EPS. The firm’s revenue was up 266.4% compared to the same quarter last year. Sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).