Orbimed Advisors LLC Purchases New Position in Syndax Pharmaceuticals, Inc. $SNDX

Orbimed Advisors LLC acquired a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 962,300 shares of the company’s stock, valued at approximately $22,479,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNDX. Larson Financial Group LLC raised 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 valued at $45,000 after acquiring an additional 1,922 shares in the last quarter. Quantbot Technologies LP bought a new stake in Syndax Pharmaceuticals in the third quarter worth approximately $53,000. Smartleaf Asset Management LLC increased its stake in shares of Syndax Pharmaceuticals by 2,698.9% during 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 during the last quarter. Lazard Asset Management LLC bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $66,000. Finally, Tower Research Capital LLC TRC raised 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 valued at $79,000 after purchasing an additional 4,308 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Syndax Pharmaceuticals Price Performance

Shares of Syndax Pharmaceuticals stock opened at $20.81 on Monday. The firm has a fifty day simple moving average of $20.45 and a 200-day simple moving average of $21.46. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26. Syndax Pharmaceuticals, Inc. has a 1-year low of $9.42 and a 1-year high of $25.59. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -7.46 and a beta of 0.37.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping 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 business had revenue of $64.86 million during the quarter, compared to the consensus estimate of $69.76 million. During the same period in the prior year, the firm earned ($0.98) EPS. Syndax Pharmaceuticals’s quarterly revenue was up 224.3% compared to the same quarter last year. On average, sell-side analysts expect that Syndax Pharmaceuticals, Inc. will post -1.65 earnings per share for the current year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the sale, the chief executive officer directly owned 484,843 shares in the company, valued at $11,752,594.32. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 owned 60,885 shares of the company’s stock, valued at $1,095,930. This trade 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 three months, insiders have sold 105,914 shares of company stock valued at $2,120,789. Company insiders own 4.80% of the company’s stock.

Syndax Pharmaceuticals 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.