Syndax Pharmaceuticals (NASDAQ:SNDX) Given New $38.00 Price Target at HC Wainwright

Syndax Pharmaceuticals (NASDAQ:SNDX) had its target price cut by investment analysts at HC Wainwright from $40.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 99.16% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Bank of America reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday. Barclays boosted their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Finally, Weiss Ratings cut shares of Syndax Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.36.

Syndax Pharmaceuticals Trading Down 0.8%

Shares of SNDX opened at $19.08 on Wednesday. Syndax Pharmaceuticals has a one year low of $11.91 and a one year high of $25.59. The stock has a 50-day moving average price of $20.40 and a 200 day moving average price of $21.38. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. The company has a market capitalization of $1.69 billion, a P/E ratio of -6.84 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share (EPS) 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 analyst estimates of $79.36 million. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The business’s revenue for the quarter was up 91.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.83) earnings per share. Sell-side analysts forecast that Syndax Pharmaceuticals will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CMO Nicholas A.J. Botwood sold 34,280 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $18.00, for a total transaction of $617,040.00. Following the sale, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,095,930. This represents a 36.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 32,375 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the sale, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $11,752,594.32. This trade represents a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 105,914 shares of company stock valued at $2,120,789. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after buying an additional 1,091,717 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Syndax Pharmaceuticals by 3.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock worth $119,660,000 after acquiring an additional 208,941 shares during the last quarter. State Street Corp grew its position in shares of Syndax Pharmaceuticals by 19.3% during the fourth quarter. State Street Corp now owns 4,596,552 shares of the company’s stock worth $96,574,000 after acquiring an additional 743,003 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock worth $35,951,000 after acquiring an additional 967,873 shares during the period. Finally, Franklin Resources Inc. lifted its position in Syndax Pharmaceuticals by 1.3% in the 4th quarter. Franklin Resources Inc. now owns 2,421,666 shares of the company’s stock valued at $50,879,000 after purchasing an additional 31,105 shares during the last quarter.

About Syndax Pharmaceuticals

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.