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

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $38.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 181.07% from the stock’s previous close.

A number of other brokerages also recently commented on SNDX. JPMorgan Chase & Co. reduced their price objective on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Thursday, October 1st. Weiss Ratings raised Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Bank of America reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $35.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, September 29th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $41.80.

Syndax Pharmaceuticals Price Performance

NASDAQ SNDX traded down $0.01 during trading hours on Tuesday, hitting $13.52. 1,425,193 shares of the company’s stock traded hands, compared to its average volume of 1,642,685. Syndax Pharmaceuticals has a 52-week low of $12.99 and a 52-week high of $25.59. The company has a market capitalization of $1.20 billion, a PE ratio of -5.39 and a beta of 0.42. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. The firm’s 50-day moving average is $18.75 and its 200-day moving average is $20.32.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its 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). The business had revenue of $72.79 million during the quarter, compared to analysts’ expectations of $79.36 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%. The company’s revenue for the quarter was up 91.8% compared to the same quarter last year. During the same period last year, the business earned ($0.83) earnings per share. Equities analysts forecast that Syndax Pharmaceuticals will post -2.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System increased its holdings in shares of Syndax Pharmaceuticals by 2.9% in the 2nd quarter. Arizona State Retirement System now owns 23,120 shares of the company’s stock valued at $505,000 after acquiring an additional 642 shares during the period. Wellington Management Group LLP increased its holdings in shares of Syndax Pharmaceuticals by 0.5% in the 2nd quarter. Wellington Management Group LLP now owns 124,241 shares of the company’s stock valued at $2,716,000 after acquiring an additional 655 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Syndax Pharmaceuticals by 3.2% in the 1st quarter. Hsbc Holdings PLC now owns 23,461 shares of the company’s stock valued at $556,000 after acquiring an additional 730 shares during the period. Allworth Financial LP acquired a new position in shares of Syndax Pharmaceuticals in the 2nd quarter valued at $26,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Syndax Pharmaceuticals by 11.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,564 shares of the company’s stock valued at $467,000 after acquiring an additional 2,002 shares during the period.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research programs target biological pathways involved in malignancy and immune-related conditions, with an emphasis on medicines that may address significant unmet medical needs.

Syndax’s lead product, Revuforj (revumenib), is an oral menin inhibitor approved by the U.S. Food and Drug Administration for treating relapsed or refractory acute leukemia with a KMT2A translocation in adults and pediatric patients aged one year and older.