Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 1-Year High – Here’s What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $18.00 and last traded at $16.37, with a volume of 2594528 shares changing hands. The stock had previously closed at $16.79.

Analysts Set New Price Targets

SNDX has been the topic of several analyst reports. Wall Street Zen upgraded shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. Guggenheim started coverage on Syndax Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $34.00 price target on the stock. BTIG Research reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a report on Monday, October 27th. Finally, Barclays boosted their price target on shares of Syndax Pharmaceuticals from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. One investment 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. According to data from MarketBeat.com, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $35.90.

Syndax Pharmaceuticals Stock Down 2.0%

The business’s 50 day simple moving average is $15.28 and its 200 day simple moving average is $12.73. The company has a market capitalization of $1.43 billion, a PE ratio of -4.24 and a beta of 0.73. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The firm had revenue of $45.87 million during the quarter, compared to analyst estimates of $49.08 million. During the same quarter last year, the business posted ($0.98) EPS. The company’s revenue was up 266.4% on a year-over-year basis. As a group, analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael A. Metzger sold 157,307 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer directly owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis Podlesak sold 19,200 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the sale, the director owned 191,763 shares of the company’s stock, valued at $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 195,707 shares of company stock worth $3,183,904 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of SNDX. Schroder Investment Management Group raised its holdings in shares of Syndax Pharmaceuticals by 1.0% during the third quarter. Schroder Investment Management Group now owns 123,404 shares of the company’s stock worth $1,920,000 after acquiring an additional 1,241 shares in the last quarter. Quarry LP acquired a new stake in shares of Syndax Pharmaceuticals during the 1st quarter valued at about $25,000. Teacher Retirement System of Texas grew its stake in shares of Syndax Pharmaceuticals by 11.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 23,132 shares of the company’s stock valued at $217,000 after buying an additional 2,458 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Syndax Pharmaceuticals by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 44,149 shares of the company’s stock valued at $413,000 after acquiring an additional 2,479 shares in the last quarter. Finally, DAFNA Capital Management LLC lifted its stake in Syndax Pharmaceuticals by 0.5% in the first quarter. DAFNA Capital Management LLC now owns 544,502 shares of the company’s stock valued at $6,689,000 after acquiring an additional 2,500 shares during the last quarter.

About Syndax Pharmaceuticals

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).