HC Wainwright assumed coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research note issued to investors on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $30.00 target price on the stock.
“Valuation: We base our $30 price target on probability-adjusted revenue forecasts for entinostat in combination with other drugs in advanced HR+, HER2- breast cancer, NSCLC, and metastatic melanoma. We use the net present value of our revenue forecast through 2027, apply a 35% POS for HR+, HER2- breast cancer, and 10% POS for NSCLC and melanoma, with a 3x price/sales multiple, and we value the early stage pipeline at $10 million, the amount of the upfront payments the company made to acquire the menin inhibitors and SNDX-6352, to arrive at our price target.”,” HC Wainwright’s analyst wrote.
Several other analysts have also recently commented on the company. Morgan Stanley lowered their target price on Syndax Pharmaceuticals from $25.00 to $24.00 and set an overweight rating on the stock in a research report on Wednesday, March 14th. ValuEngine upgraded Syndax Pharmaceuticals from a strong sell rating to a sell rating in a research report on Tuesday, March 20th. BidaskClub upgraded Syndax Pharmaceuticals from a hold rating to a buy rating in a research report on Saturday, March 24th. Zacks Investment Research upgraded Syndax Pharmaceuticals from a sell rating to a hold rating in a research report on Tuesday, May 15th. Finally, TheStreet cut Syndax Pharmaceuticals from a c- rating to a d rating in a research report on Friday, April 13th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $24.63.
Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its earnings results on Tuesday, May 8th. The company reported ($0.79) EPS for the quarter, beating the consensus estimate of ($0.96) by $0.17. Syndax Pharmaceuticals had a negative return on equity of 67.69% and a negative net margin of 3,081.07%. The firm had revenue of $0.38 million for the quarter. equities analysts anticipate that Syndax Pharmaceuticals will post -3.59 earnings per share for the current year.
Several hedge funds have recently modified their holdings of SNDX. HighPoint Advisor Group LLC acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter valued at $102,000. Paloma Partners Management Co acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter valued at $144,000. The Manufacturers Life Insurance Company increased its position in shares of Syndax Pharmaceuticals by 266.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 10,566 shares of the company’s stock valued at $151,000 after purchasing an additional 7,686 shares during the period. Sofinnova Ventures Inc acquired a new position in shares of Syndax Pharmaceuticals during the 1st quarter valued at $173,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter valued at $225,000. Institutional investors own 69.50% of the company’s stock.
Syndax Pharmaceuticals Company Profile
Syndax Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapies for various cancer indications. The company's lead product candidate is Entinostat, which is in Phase 3 clinical trial for the treatment of hormone receptor positive or HR+, human epidermal growth factor receptor 2 negative or HER2-, and breast cancer; and Phase 1b/2 clinical trial.
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