Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) have received a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $41.5455.

Several equities research analysts have recently weighed in on the stock. 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. Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Weiss Ratings upgraded Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Finally, HC Wainwright lowered their target price on Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th.

Syndax Pharmaceuticals Stock Down 0.4%

Shares of NASDAQ SNDX opened at $19.57 on Thursday. The company has a debt-to-equity ratio of 38.95, a quick ratio of 6.44 and a current ratio of 6.77. Syndax Pharmaceuticals has a 1 year low of $12.99 and a 1 year high of $25.59. The stock’s 50-day simple moving average is $20.85 and its 200-day simple moving average is $21.30. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -7.80 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The business had revenue of $72.79 million during the quarter, compared to analysts’ expectations of $79.36 million. During the same period in the prior year, the company posted ($0.83) EPS. The company’s revenue for the quarter was up 91.8% on a year-over-year basis. As a group, equities analysts anticipate that Syndax Pharmaceuticals will post -2.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals stock in a transaction 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 transaction, the chief executive officer directly owned 484,843 shares in the company, valued at $11,752,594.32. The trade was a 6.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were 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 of the company’s stock, valued at $1,095,930. This represents a 36.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 105,914 shares of company stock valued at $2,120,789. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Syndax Pharmaceuticals during the second quarter worth approximately $197,177,000. Vanguard Group Inc. lifted its position in Syndax Pharmaceuticals by 21.2% during the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after acquiring an additional 1,091,717 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Syndax Pharmaceuticals by 3.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock worth $119,660,000 after purchasing an additional 208,941 shares during the last quarter. State Street Corp boosted its position in shares of Syndax Pharmaceuticals by 19.3% in the fourth quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after acquiring an additional 743,003 shares during the period. Finally, Bank of America Corp DE bought a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $88,426,000.

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.