Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 52-Week High – Time to Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares hit a new 52-week high during trading on Thursday . The company traded as high as $25.59 and last traded at $24.20, with a volume of 1558196 shares traded. The stock had previously closed at $24.02.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a report on Friday, February 27th. Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Citigroup lifted their price target on 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. upped their price target on shares of Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, March 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $39.10.

Syndax Pharmaceuticals Price Performance

The firm has a 50-day moving average of $21.81 and a 200-day moving average of $19.07. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.12 and a current ratio of 4.40. The firm has a market capitalization of $2.07 billion, a P/E ratio of -7.14 and a beta of 0.42.

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

Insider Activity

In related news, CFO Keith A. Goldan sold 3,410 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 $71,712.30. Following the completion of the sale, the chief financial officer directly owned 140,429 shares in the company, valued at approximately $2,953,221.87. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 17,159 shares of the business’s 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 completion of the transaction, the chief executive officer directly owned 491,690 shares of the company’s stock, valued at approximately $10,340,240.70. This trade represents a 3.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,063 shares of company stock valued at $628,332 over the last quarter. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after purchasing an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. lifted its holdings 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 valued at $119,660,000 after buying an additional 208,941 shares during the period. State Street Corp boosted its stake in shares of Syndax Pharmaceuticals by 19.3% in the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock worth $96,574,000 after buying an additional 743,003 shares during the last quarter. Bank of America Corp DE increased its position in Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after acquiring an additional 967,873 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. boosted its position in Syndax Pharmaceuticals by 19.0% in the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock worth $38,462,000 after purchasing an additional 400,000 shares during the last quarter.

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.