Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month High Following Analyst Upgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares reached a new 52-week high on Monday after JPMorgan Chase & Co. raised their price target on the stock from $33.00 to $45.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $23.68 and last traded at $22.95, with a volume of 550166 shares. The stock had previously closed at $22.07.

A number of other research firms also recently commented on SNDX. Wall Street Zen raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday. BTIG Research reissued a “buy” rating and issued a $56.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. Barclays increased their price target on shares of Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Stifel Nicolaus set a $45.00 price target on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. Finally, Citigroup lifted their price objective on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.10.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CFO Keith A. Goldan sold 3,410 shares of the company’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 sale, the chief financial officer owned 140,429 shares of the company’s stock, valued at approximately $2,953,221.87. This represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael A. Metzger sold 17,159 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $360,853.77. Following the sale, the chief executive officer owned 491,690 shares of the company’s stock, valued at $10,340,240.70. This trade represents a 3.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,063 shares of company stock worth $628,332 in the last 90 days. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Syndax Pharmaceuticals by 21.2% in the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after acquiring an additional 1,091,717 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Syndax Pharmaceuticals by 3.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock worth $119,660,000 after acquiring an additional 208,941 shares during the last quarter. State Street Corp increased its holdings in Syndax Pharmaceuticals by 19.3% during the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after purchasing an additional 743,003 shares in the last quarter. Bank of America Corp DE increased its holdings 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 purchasing an additional 967,873 shares in the last quarter. Finally, Kingdon Capital Management L.L.C. raised its position in Syndax Pharmaceuticals by 19.0% in 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 purchasing an additional 400,000 shares during the last quarter.

Syndax Pharmaceuticals Trading Up 1.2%

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 stock has a market cap of $2.13 billion, a P/E ratio of -7.34 and a beta of 0.42. The company has a 50-day simple moving average of $21.01 and a 200-day simple moving average of $18.39.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Thursday, February 26th. The company reported ($0.78) 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 business had revenue of $68.73 million for the quarter, compared to the consensus estimate of $64.75 million. During the same quarter in the previous year, the company posted ($1.10) EPS. Syndax Pharmaceuticals’s revenue for the quarter was up 792.6% on a year-over-year basis. On average, sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

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.