Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) have earned an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and twelve have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $41.5455.

A number of analysts have commented on the company. HC Wainwright decreased their target price on Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings upgraded Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Barclays lifted 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. UBS Group lowered their price objective on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, August 21st. Finally, Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th.

Syndax Pharmaceuticals Trading Up 0.9%

Shares of SNDX opened at $20.09 on Thursday. Syndax Pharmaceuticals has a twelve month low of $12.99 and a twelve month high of $25.59. The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95. The firm has a market capitalization of $1.78 billion, a P/E ratio of -8.00 and a beta of 0.40. The firm’s 50-day moving average is $20.89 and its two-hundred day moving average is $21.30.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). The company had revenue of $72.79 million for the quarter, compared to analyst estimates of $79.36 million. Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. Syndax Pharmaceuticals’s revenue was up 91.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.83) earnings per share. On average, research analysts predict that Syndax Pharmaceuticals will post -2.01 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total value of $784,770.00. Following 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $18.14, for a total transaction of $566,602.90. Following the transaction, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at approximately $1,104,453.90. This trade represents a 33.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 105,914 shares of company stock worth $2,120,789 in the last ninety days. Insiders own 4.80% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Syndax Pharmaceuticals during the 2nd quarter worth about $197,177,000. Vanguard Group Inc. lifted its holdings in Syndax Pharmaceuticals by 21.2% in the 4th 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 in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Syndax Pharmaceuticals by 3.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after purchasing an additional 208,941 shares in the last quarter. State Street Corp boosted its stake in shares of Syndax Pharmaceuticals by 19.3% during the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock worth $96,574,000 after purchasing an additional 743,003 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter worth about $88,426,000.

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.