Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 1-Year High – Still a Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares reached a new 52-week high on Monday . The company traded as high as $23.68 and last traded at $22.95, with a volume of 550166 shares changing hands. The stock had previously closed at $22.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays upped their price objective on shares of Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Citigroup upped their target price on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Monday, December 29th. JPMorgan Chase & Co. cut their price objective on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 12th. Finally, Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $37.90.

Syndax Pharmaceuticals Trading Up 5.8%

The company has a debt-to-equity ratio of 5.32, a current ratio of 4.40 and a quick ratio of 4.12. The firm has a fifty day simple moving average of $20.89 and a two-hundred day simple moving average of $18.28. The firm has a market capitalization of $2.06 billion, a P/E ratio of -7.10 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Thursday, February 26th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative net margin of 165.37% and a negative return on equity of 206.62%. The firm had revenue of $68.73 million during the quarter, compared to the consensus estimate of $64.75 million. During the same quarter in the previous year, the firm earned ($1.10) earnings per share. The business’s quarterly revenue was up 792.6% compared to the same quarter last year. On average, equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CFO Keith A. Goldan sold 3,410 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 $71,712.30. Following the sale, the chief financial officer directly owned 140,429 shares in the company, valued at approximately $2,953,221.87. The trade was a 2.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael A. Metzger sold 17,159 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction 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. This trade represents a 3.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,063 shares of company stock worth $628,332 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Syndax Pharmaceuticals

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