Elmind Capital LP Acquires Shares of 1,855,000 Syndax Pharmaceuticals, Inc. $SNDX

Elmind Capital LP bought a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,855,000 shares of the company’s stock, valued at approximately $40,550,300. Syndax Pharmaceuticals makes up approximately 0.0% of Elmind Capital LP’s portfolio, making the stock its 2nd largest holding. Elmind Capital LP owned 2.09% of Syndax Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC grew its holdings in Syndax Pharmaceuticals by 3.2% during the 1st quarter. Hsbc Holdings PLC now owns 23,461 shares of the company’s stock worth $556,000 after acquiring an additional 730 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Syndax Pharmaceuticals by 26.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock worth $89,000 after buying an additional 893 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter valued at about $26,000. Schroder Investment Management Group grew its holdings in Syndax Pharmaceuticals by 1.0% in the 3rd quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock valued at $1,920,000 after buying an additional 1,241 shares during the period. Finally, Verition Fund Management LLC boosted its position in Syndax Pharmaceuticals by 7.5% in the 4th quarter. Verition Fund Management LLC now owns 18,460 shares of the company’s stock valued at $388,000 after buying an additional 1,281 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNDX. JPMorgan Chase & Co. dropped their target price on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. UBS Group cut their price objective on Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, August 21st. Weiss Ratings raised shares of Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Finally, HC Wainwright lowered their target price on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $41.55.

Insider Buying and Selling

In related news, CEO Michael A. Metzger sold 32,375 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the sale, the chief executive officer owned 484,843 shares of the company’s stock, 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 this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $18.00, for a total value of $617,040.00. Following the sale, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at approximately $1,095,930. This represents a 36.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 105,914 shares of company stock valued at $2,120,789. 4.80% of the stock is currently owned by corporate insiders.

Syndax Pharmaceuticals Stock Down 3.3%

SNDX stock traded down $0.67 during midday trading on Friday, hitting $19.49. 561,922 shares of the company’s stock were exchanged, compared to its average volume of 1,575,140. The firm has a 50 day moving average price of $20.92 and a 200-day moving average price of $21.29. Syndax Pharmaceuticals, Inc. has a 12-month low of $12.99 and a 12-month high of $25.59. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -7.76 and a beta of 0.40. The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its 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). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The business had revenue of $72.79 million during the quarter, compared to analyst estimates of $79.36 million. During the same quarter last year, the firm earned ($0.83) earnings per share. Syndax Pharmaceuticals’s revenue was up 91.8% compared to the same quarter last year. On average, analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

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.