Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 1-Year High After Analyst Upgrade

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) hit a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $33.00 to $45.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $23.68 and last traded at $22.95, with a volume of 550166 shares traded. The stock had previously closed at $22.07.

Several other research analysts have also issued reports on the stock. Citigroup raised their target price on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Barclays boosted their price target on shares of Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Wall Street Zen upgraded shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Monday, December 29th. Finally, Stifel Nicolaus set a $45.00 target price on shares of Syndax Pharmaceuticals in a report on Friday, February 27th. One research 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.10.

Insider Buying and Selling at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 17,159 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the sale, the chief executive officer owned 491,690 shares in the company, valued at $10,340,240.70. This represents a 3.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith A. Goldan sold 3,410 shares of the firm’s stock in a transaction on 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 $2,953,221.87. The trade was a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,063 shares of company stock valued at $628,332 in the last three months. 4.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in shares of Syndax Pharmaceuticals by 478.8% during the 1st quarter. AQR Capital Management LLC now owns 377,444 shares of the company’s stock valued at $4,637,000 after purchasing an additional 312,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Syndax Pharmaceuticals by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,842 shares of the company’s stock worth $705,000 after purchasing an additional 3,094 shares in the last quarter. Caxton Associates LLP acquired a new stake in Syndax Pharmaceuticals during the 1st quarter worth approximately $257,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Syndax Pharmaceuticals by 18.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 200,696 shares of the company’s stock worth $2,466,000 after buying an additional 30,596 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in Syndax Pharmaceuticals by 11.9% in the second quarter. Teacher Retirement System of Texas now owns 23,132 shares of the company’s stock valued at $217,000 after buying an additional 2,458 shares in the last quarter.

Syndax Pharmaceuticals Stock Performance

The stock has a market cap of $2.13 billion, a P/E ratio of -7.34 and a beta of 0.42. 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 stock’s 50 day simple moving average is $21.01 and its two-hundred day simple moving average is $18.39.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data 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 return on equity of 206.62% and a negative net margin of 165.37%.The company had revenue of $68.73 million for the quarter, compared to the consensus estimate of $64.75 million. During the same period in the prior year, the company earned ($1.10) EPS. The firm’s revenue was up 792.6% on a year-over-year basis. As a group, research analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

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.