Syndax Pharmaceuticals Inc (NASDAQ:SNDX) Sees Significant Drop in Short Interest

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Syndax Pharmaceuticals Inc (NASDAQ:SNDX) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 646,800 shares, a decline of 7.7% from the June 30th total of 700,600 shares. Currently, 3.3% of the company’s stock are short sold. Based on an average trading volume of 140,100 shares, the days-to-cover ratio is currently 4.6 days.

Hedge funds have recently made changes to their positions in the business. Bank of Montreal Can acquired a new position in Syndax Pharmaceuticals during the second quarter valued at approximately $36,000. JPMorgan Chase & Co. increased its position in shares of Syndax Pharmaceuticals by 52.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,522 shares of the company’s stock worth $50,000 after purchasing an additional 1,902 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Syndax Pharmaceuticals during the 1st quarter worth approximately $55,000. Squarepoint Ops LLC increased its position in shares of Syndax Pharmaceuticals by 51.3% during the 4th quarter. Squarepoint Ops LLC now owns 18,601 shares of the company’s stock worth $83,000 after purchasing an additional 6,303 shares during the last quarter. Finally, Raymond James & Associates acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth approximately $98,000. 62.76% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have weighed in on SNDX shares. HC Wainwright reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Tuesday, July 16th. Zacks Investment Research cut Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Nomura reissued a “buy” rating and issued a $16.00 price target on shares of Syndax Pharmaceuticals in a research report on Sunday. Cowen reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Thursday, August 8th. Finally, ValuEngine raised Syndax Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $14.61.

Shares of NASDAQ:SNDX traded down $0.22 on Thursday, hitting $10.00. 80,219 shares of the company were exchanged, compared to its average volume of 163,759. Syndax Pharmaceuticals has a 1-year low of $3.39 and a 1-year high of $11.11. The stock’s 50 day moving average price is $9.25 and its 200 day moving average price is $7.28. The company has a current ratio of 4.90, a quick ratio of 4.90 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $277.37 million, a P/E ratio of -3.42 and a beta of 2.41.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Wednesday, August 7th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). The company had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.39 million. Syndax Pharmaceuticals had a negative return on equity of 108.44% and a negative net margin of 4,310.68%. On average, equities analysts predict that Syndax Pharmaceuticals will post -1.98 EPS for the current fiscal year.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates include entinostat, which is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

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