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

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SNDX. Mizuho dropped their price objective on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Jefferies Financial Group restated a “buy” rating and issued a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a research note on Monday, March 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. BTIG Research restated a “buy” rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. Finally, Stifel Nicolaus set a $45.00 price objective on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.33.

Syndax Pharmaceuticals Stock Down 0.3%

The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -7.47 and a beta of 0.41. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.12 and a current ratio of 4.40. The business’s 50-day moving average is $22.29 and its 200-day moving average is $19.54.

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

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,410 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer owned 140,429 shares in the company, valued at approximately $2,953,221.87. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael A. Metzger sold 17,159 shares of the firm’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction of $360,853.77. Following the completion of the sale, the chief executive officer owned 491,690 shares of the company’s stock, valued at $10,340,240.70. The trade was a 3.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,063 shares of company stock valued at $628,332 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNDX. Larson Financial Group LLC increased its position in Syndax Pharmaceuticals by 192.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after acquiring an additional 1,922 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Syndax Pharmaceuticals in the 3rd quarter valued at about $53,000. Smartleaf Asset Management LLC increased its position in Syndax Pharmaceuticals by 2,698.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock valued at $55,000 after acquiring an additional 2,564 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at about $66,000. Finally, Tower Research Capital LLC TRC increased its position in Syndax Pharmaceuticals by 103.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock valued at $79,000 after acquiring an additional 4,308 shares in the last quarter.

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.