Syndax Pharmaceuticals’ (SNDX) Buy Rating Reaffirmed at HC Wainwright

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $40.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 123.34% from the company’s current price.

Several other analysts have also commented on SNDX. UBS Group cut their target price on shares of Syndax Pharmaceuticals from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Barclays increased their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Jefferies Financial Group reissued a “buy” rating and set a $40.00 target price (down from $48.00) on shares of Syndax Pharmaceuticals in a research note on Monday, March 30th. JPMorgan Chase & Co. boosted their price target on shares of Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, March 9th. Finally, Mizuho cut their price target on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.55.

Syndax Pharmaceuticals Stock Up 1.9%

SNDX stock opened at $17.91 on Friday. Syndax Pharmaceuticals has a 12 month low of $8.59 and a 12 month high of $25.59. The firm has a market cap of $1.59 billion, a PE ratio of -6.42 and a beta of 0.38. The firm has a 50 day simple moving average of $21.17 and a 200 day simple moving average of $21.24. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06.

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

Insider Activity

In other news, CEO Michael A. Metzger sold 6,847 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $18.99, for a total transaction of $130,024.53. Following the sale, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. ADAR1 Capital Management LLC raised its holdings in shares of Syndax Pharmaceuticals by 45.8% during the first quarter. ADAR1 Capital Management LLC now owns 17,500 shares of the company’s stock valued at $409,000 after acquiring an additional 5,500 shares during the period. California State Teachers Retirement System increased its stake in Syndax Pharmaceuticals by 31.7% in the 1st quarter. California State Teachers Retirement System now owns 103,009 shares of the company’s stock valued at $2,406,000 after buying an additional 24,810 shares during the period. The Manufacturers Life Insurance Company increased its stake in Syndax Pharmaceuticals by 56.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 39,904 shares of the company’s stock valued at $932,000 after buying an additional 14,443 shares during the period. Quantinno Capital Management LP increased its stake in Syndax Pharmaceuticals by 11.0% in the 1st quarter. Quantinno Capital Management LP now owns 22,576 shares of the company’s stock valued at $527,000 after buying an additional 2,237 shares during the period. Finally, SummitTX Capital L.P. increased its stake in Syndax Pharmaceuticals by 69.6% in the 1st quarter. SummitTX Capital L.P. now owns 66,340 shares of the company’s stock valued at $1,550,000 after buying an additional 27,213 shares during the period.

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.