Syndax Pharmaceuticals, Inc. $SNDX is Eversept Partners LP’s 6th Largest Position

Eversept Partners LP lowered its position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) by 12.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,885,622 shares of the company’s stock after selling 428,786 shares during the quarter. Syndax Pharmaceuticals comprises about 3.6% of Eversept Partners LP’s portfolio, making the stock its 6th largest position. Eversept Partners LP owned about 3.26% of Syndax Pharmaceuticals worth $67,408,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SNDX. Elmind Capital LP purchased a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth about $38,974,000. Vanguard Group Inc. boosted its position 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. Bank of America Corp DE boosted its position in Syndax Pharmaceuticals by 33.7% in 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 buying an additional 967,873 shares during the last quarter. Orbimed Advisors LLC acquired a new position in Syndax Pharmaceuticals in the 1st quarter worth approximately $22,479,000. Finally, Qube Research & Technologies Ltd increased its holdings in Syndax Pharmaceuticals by 99.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock worth $15,601,000 after buying an additional 831,067 shares during the period.

Analyst Ratings Changes

Several brokerages have commented on SNDX. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research note on Wednesday, July 15th. Barclays increased their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, June 24th. Jefferies Financial Group restated a “buy” rating and set a $40.00 target price (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. Finally, The Goldman Sachs Group upped their price target on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.55.

Insider Activity

In related news, CEO Michael A. Metzger sold 32,375 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 484,843 shares of the company’s stock, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $18.14, for a total value of $566,602.90. Following the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,104,453.90. This represents a 33.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 105,914 shares of company stock worth $2,120,789. Corporate insiders own 4.80% of the company’s stock.

Syndax Pharmaceuticals Stock Performance

SNDX opened at $20.52 on Tuesday. The firm has a fifty day moving average price of $20.47 and a 200 day moving average price of $21.46. Syndax Pharmaceuticals, Inc. has a 1 year low of $9.42 and a 1 year high of $25.59. The stock has a market cap of $1.82 billion, a P/E ratio of -7.35 and a beta of 0.37. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The company had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. During the same quarter last year, the business earned ($0.98) earnings per share. The firm’s revenue was up 224.3% on a year-over-year basis. Equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -1.65 earnings per share for the current year.

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.