Syndax Pharmaceuticals (NASDAQ:SNDX) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Syndax Pharmaceuticals (NASDAQ:SNDX) from a sell rating to a hold rating in a report published on Sunday.

SNDX has been the topic of several other research reports. Stifel Nicolaus set a $45.00 price objective on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. BTIG Research reiterated a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. JPMorgan Chase & Co. dropped their price target on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 12th. Citigroup upped their price target on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Barclays lifted their price objective on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Syndax Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $37.90.

Syndax Pharmaceuticals Price Performance

SNDX opened at $22.07 on Friday. 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 has a market cap of $1.95 billion, a price-to-earnings ratio of -6.71 and a beta of 0.42. The stock has a fifty day simple moving average of $20.89 and a two-hundred day simple moving average of $18.28. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $22.73.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). The business had revenue of $68.73 million for the quarter, compared to the consensus estimate of $64.75 million. Syndax Pharmaceuticals had a negative net margin of 165.37% and a negative return on equity of 206.62%. The business’s quarterly revenue was up 792.6% on a year-over-year basis. During the same quarter last year, the firm posted ($1.10) EPS. Research analysts predict that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In related news, CFO Keith A. Goldan sold 3,410 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $71,712.30. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael A. Metzger sold 17,159 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 491,690 shares in the company, valued at $10,340,240.70. This trade represents a 3.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,063 shares of company stock worth $628,332. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SNDX. Vanguard Group Inc. boosted its position in shares of Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after buying an additional 1,091,717 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Syndax Pharmaceuticals by 3.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock worth $119,660,000 after buying an additional 208,941 shares during the last quarter. State Street Corp raised its position in Syndax Pharmaceuticals by 19.3% in the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock worth $96,574,000 after buying an additional 743,003 shares during the last quarter. Bank of America Corp DE lifted its stake in Syndax Pharmaceuticals by 33.7% during the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after acquiring an additional 967,873 shares during the period. Finally, Kingdon Capital Management L.L.C. lifted its stake in Syndax Pharmaceuticals by 19.0% during the 3rd quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock valued at $38,462,000 after acquiring an additional 400,000 shares during the period.

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.