Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 52-Week High – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price reached a new 52-week high on Friday . The stock traded as high as $25.44 and last traded at $25.07, with a volume of 453951 shares trading hands. The stock had previously closed at $24.00.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SNDX shares. BTIG Research reissued a “buy” rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Barclays lifted their price objective on shares of Syndax Pharmaceuticals from $22.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, November 24th. Citigroup upped their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. JPMorgan Chase & Co. raised their target price on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, March 9th. Finally, Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.10.

Syndax Pharmaceuticals Stock Up 2.7%

The business has a 50-day moving average price of $21.41 and a 200-day moving average price of $18.74. The stock has a market cap of $2.17 billion, a PE ratio of -7.49 and a beta of 0.42. The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). The company had revenue of $68.73 million for the quarter, compared to analyst estimates of $64.75 million. Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The business’s revenue was up 792.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.10) earnings per share. As a group, analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 17,159 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $360,853.77. Following the sale, the chief executive officer directly owned 491,690 shares in the company, valued at approximately $10,340,240.70. The trade was a 3.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith A. Goldan sold 3,410 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $71,712.30. Following the sale, the chief financial officer owned 140,429 shares of the company’s stock, valued at approximately $2,953,221.87. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,063 shares of company stock worth $628,332 over the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Large investors have recently modified their holdings of the business. Larson Financial Group LLC boosted its position in Syndax Pharmaceuticals by 192.2% during the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after acquiring an additional 1,922 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Syndax Pharmaceuticals in the 3rd quarter valued at about $53,000. Smartleaf Asset Management LLC lifted its stake in Syndax Pharmaceuticals by 2,698.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after purchasing an additional 2,564 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Syndax Pharmaceuticals in the 2nd quarter worth approximately $66,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Syndax Pharmaceuticals by 103.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after purchasing an additional 4,308 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.