Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 4.7% – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price shot up 4.7% during trading on Wednesday . The stock traded as high as $12.68 and last traded at $12.58. 115,632 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 1,513,379 shares. The stock had previously closed at $12.01.

Analysts Set New Price Targets

SNDX has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Citigroup cut their price target on Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Scotiabank cut their target price on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 8th. Finally, StockNews.com raised shares of Syndax Pharmaceuticals to a “sell” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Syndax Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Syndax Pharmaceuticals Stock Performance

The stock’s 50-day moving average is $14.25 and its 200 day moving average is $15.77. The stock has a market capitalization of $1.08 billion, a PE ratio of -3.45 and a beta of 0.92.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.79). The business had revenue of $7.68 million during the quarter, compared to the consensus estimate of $86.32 million. Analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael A. Metzger sold 13,288 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $205,964.00. Following the transaction, the chief executive officer now directly owns 300,121 shares in the company, valued at approximately $4,651,875.50. This trade represents a 4.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Neil Gallagher sold 4,618 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $71,579.00. Following the completion of the transaction, the insider now directly owns 85,095 shares in the company, valued at $1,318,972.50. The trade was a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,683 shares of company stock worth $336,087 in the last quarter. 4.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Syndax Pharmaceuticals by 4.1% in the 3rd quarter. State Street Corp now owns 3,770,826 shares of the company’s stock valued at $72,588,000 after purchasing an additional 148,491 shares during the last quarter. Soleus Capital Management L.P. boosted its holdings in shares of Syndax Pharmaceuticals by 128.4% in the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after acquiring an additional 1,401,016 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Syndax Pharmaceuticals by 343.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock worth $27,292,000 after acquiring an additional 1,598,428 shares during the period. Geode Capital Management LLC increased its stake in shares of Syndax Pharmaceuticals by 3.5% during the third quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock worth $38,066,000 after acquiring an additional 66,459 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Syndax Pharmaceuticals by 13.4% during the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock worth $34,948,000 after purchasing an additional 208,043 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

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).