Elmind Capital LP Buys Shares of 1,855,000 Syndax Pharmaceuticals, Inc. $SNDX

Elmind Capital LP purchased a new position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,855,000 shares of the company’s stock, valued at approximately $40,550,300,000. Syndax Pharmaceuticals makes up 10.2% of Elmind Capital LP’s holdings, making the stock its 2nd largest holding. Elmind Capital LP owned 2.09% of Syndax Pharmaceuticals at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SNDX. Hsbc Holdings PLC boosted its stake in shares of Syndax Pharmaceuticals by 3.2% during the first quarter. Hsbc Holdings PLC now owns 23,461 shares of the company’s stock valued at $556,000 after acquiring an additional 730 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Syndax Pharmaceuticals by 26.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock valued at $89,000 after purchasing an additional 893 shares in the last quarter. Allworth Financial LP purchased a new position in Syndax Pharmaceuticals in the 2nd quarter valued at about $26,000. Schroder Investment Management Group boosted its stake in shares of Syndax Pharmaceuticals by 1.0% during the 3rd quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock worth $1,920,000 after purchasing an additional 1,241 shares during the last quarter. Finally, Verition Fund Management LLC boosted its stake in shares of Syndax Pharmaceuticals by 7.5% during the 4th quarter. Verition Fund Management LLC now owns 18,460 shares of the company’s stock worth $388,000 after purchasing an additional 1,281 shares during the last quarter.

Syndax Pharmaceuticals Trading Up 1.8%

Shares of SNDX stock opened at $19.92 on Wednesday. The firm’s 50-day simple moving average is $20.87 and its 200-day simple moving average is $21.30. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. Syndax Pharmaceuticals, Inc. has a 1-year low of $12.99 and a 1-year high of $25.59. The firm has a market cap of $1.77 billion, a P/E ratio of -7.94 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The company had revenue of $72.79 million during the quarter, compared to analysts’ expectations of $79.36 million. During the same quarter in the previous year, the firm posted ($0.83) earnings per share. Syndax Pharmaceuticals’s revenue for the quarter was up 91.8% compared to the same quarter last year. As a group, equities analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the transaction, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at approximately $11,752,594.32. This trade represents a 6.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total value of $617,040.00. Following the completion of the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,095,930. The trade was a 36.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 105,914 shares of company stock worth $2,120,789. 4.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNDX. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Bank of America reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. JPMorgan Chase & Co. cut their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. UBS Group reduced their price target on Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday. Finally, HC Wainwright decreased their price objective on Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $41.55.

About Syndax Pharmaceuticals

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.