Syndax Pharmaceuticals (NASDAQ:SNDX) Sets New 12-Month High – Still a Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) reached a new 52-week high on Thursday . The stock traded as high as $18.00 and last traded at $17.39, with a volume of 926609 shares traded. The stock had previously closed at $16.71.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. Wall Street Zen upgraded shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. The Goldman Sachs Group upped their price objective on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 5th. JPMorgan Chase & Co. cut their target price on shares of Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 12th. Finally, B. Riley raised shares of Syndax Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.90.

Syndax Pharmaceuticals Trading Up 5.0%

The stock’s 50 day moving average is $15.34 and its 200-day moving average is $12.84. The company has a market cap of $1.53 billion, a P/E ratio of -4.50 and a beta of 0.73. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, November 3rd. The company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The business had revenue of $45.87 million during the quarter, compared to analysts’ expectations of $49.08 million. During the same period in the previous year, the company earned ($0.98) earnings per share. The business’s revenue for the quarter was up 266.4% compared to the same quarter last year. 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 other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the sale, the chief executive officer directly owned 298,661 shares in the company, valued at approximately $4,901,027.01. This trade represents a 34.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Phoenix Financial Ltd. bought a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $701,000. Exome Asset Management LLC boosted its stake in shares of Syndax Pharmaceuticals by 5.7% during the 1st quarter. Exome Asset Management LLC now owns 337,198 shares of the company’s stock worth $4,142,000 after acquiring an additional 18,298 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Syndax Pharmaceuticals by 127.7% during the 1st quarter. Deutsche Bank AG now owns 204,732 shares of the company’s stock worth $2,516,000 after acquiring an additional 114,828 shares during the last quarter. Aberdeen Group plc grew its position in shares of Syndax Pharmaceuticals by 129.1% during the 2nd quarter. Aberdeen Group plc now owns 303,426 shares of the company’s stock valued at $2,842,000 after acquiring an additional 170,993 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in Syndax Pharmaceuticals during the second quarter valued at $2,593,000.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).