Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 52-Week High – Should You Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $25.70 and last traded at $25.70, with a volume of 4735 shares. The stock had previously closed at $24.64.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SNDX. Jefferies Financial Group reaffirmed a “buy” rating and set a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a report on Monday, March 30th. Wall Street Zen raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Citigroup upped their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Mizuho decreased their price objective on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Finally, BTIG Research reaffirmed a “buy” rating and set a $56.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $40.33.

Syndax Pharmaceuticals Trading Down 0.3%

The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. The company’s fifty day moving average is $22.29 and its 200-day moving average is $19.54. The firm has a market capitalization of $2.17 billion, a P/E ratio of -7.47 and a beta of 0.41.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted 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 firm 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 posted ($1.10) earnings per share. Syndax Pharmaceuticals’s quarterly revenue was up 792.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 17,159 shares of the 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 directly owned 491,690 shares of the company’s stock, valued at $10,340,240.70. This represents a 3.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith A. Goldan sold 3,410 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction of $71,712.30. Following the completion of the sale, the chief financial officer directly owned 140,429 shares of the company’s stock, valued at approximately $2,953,221.87. This trade represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 30,063 shares of company stock valued at $628,332. Insiders own 4.10% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. Invesco Ltd. boosted its holdings in Syndax Pharmaceuticals by 20.6% in the 4th quarter. Invesco Ltd. now owns 160,525 shares of the company’s stock valued at $3,373,000 after purchasing an additional 27,434 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Syndax Pharmaceuticals in the 4th quarter valued at $374,000. Virtus Investment Advisers LLC boosted its holdings in Syndax Pharmaceuticals by 214.6% in the 4th quarter. Virtus Investment Advisers LLC now owns 33,549 shares of the company’s stock valued at $705,000 after purchasing an additional 22,885 shares during the period. Twinbeech Capital LP boosted its holdings in Syndax Pharmaceuticals by 19.4% in the 4th quarter. Twinbeech Capital LP now owns 52,900 shares of the company’s stock valued at $1,111,000 after purchasing an additional 8,606 shares during the period. Finally, Sphera Funds Management LTD. boosted its holdings in Syndax Pharmaceuticals by 96.7% in the 4th quarter. Sphera Funds Management LTD. now owns 762,563 shares of the company’s stock valued at $16,021,000 after purchasing an additional 374,847 shares during the period.

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.