Guggenheim Reaffirms “Buy” Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating restated by equities researchers at Guggenheim in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $32.00 price target on the stock. Guggenheim’s price objective would indicate a potential upside of 220.32% from the stock’s current price.

A number of other brokerages also recently weighed in on SNDX. JPMorgan Chase & Co. raised their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Scotiabank reduced their price objective on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Citigroup cut their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, StockNews.com raised Syndax Pharmaceuticals to a “sell” rating in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $35.91.

Syndax Pharmaceuticals Stock Down 6.1 %

SNDX stock opened at $9.99 on Tuesday. The firm has a 50 day moving average of $12.65 and a two-hundred day moving average of $14.54. Syndax Pharmaceuticals has a 12 month low of $9.66 and a 12 month high of $25.07. The company has a market capitalization of $859.58 million, a price-to-earnings ratio of -2.75 and a beta of 0.82.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.06. The business had revenue of $20.04 million during the quarter, compared to the consensus estimate of $15.88 million. During the same quarter in the prior year, the company posted ($0.85) earnings per share. The company’s revenue for the quarter was up 1900.0% on a year-over-year basis. On average, research analysts expect that Syndax Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In related news, CFO Keith A. Goldan sold 3,777 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $58,543.50. Following the completion of the transaction, the chief financial officer now directly owns 90,746 shares in the company, valued at approximately $1,406,563. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Neil Gallagher sold 4,618 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $71,579.00. Following the completion of the transaction, the insider now directly owns 85,095 shares of the company’s stock, valued at approximately $1,318,972.50. This trade represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,683 shares of company stock worth $336,087. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its position in Syndax Pharmaceuticals by 13.4% in the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock worth $34,948,000 after purchasing an additional 208,043 shares in the last quarter. Barclays PLC grew its stake in shares of Syndax Pharmaceuticals by 143.4% in the 3rd quarter. Barclays PLC now owns 187,629 shares of the company’s stock valued at $3,612,000 after purchasing an additional 110,535 shares during the period. Jump Financial LLC raised its holdings in shares of Syndax Pharmaceuticals by 80.8% in the 4th quarter. Jump Financial LLC now owns 173,890 shares of the company’s stock worth $2,299,000 after buying an additional 77,699 shares in the last quarter. Simplify Asset Management Inc. lifted its position in shares of Syndax Pharmaceuticals by 20.8% during the 4th quarter. Simplify Asset Management Inc. now owns 147,641 shares of the company’s stock worth $1,952,000 after buying an additional 25,456 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in Syndax Pharmaceuticals by 343.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock valued at $27,292,000 after buying an additional 1,598,428 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

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).