Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 12-Month High – Should You Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) hit a new 52-week high on Friday . The company traded as high as $20.25 and last traded at $19.9750, with a volume of 503867 shares. The stock had previously closed at $19.74.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays upped their price target on shares of Syndax Pharmaceuticals from $22.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, November 24th. The Goldman Sachs Group boosted their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 5th. HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. BTIG Research reissued a “buy” rating and issued a $56.00 price target on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. Finally, Guggenheim initiated 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. 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 assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

Syndax Pharmaceuticals Trading Up 2.8%

The business has a fifty day moving average of $16.20 and a 200-day moving average of $13.49. The company has a debt-to-equity ratio of 2.78, a quick ratio of 4.42 and a current ratio of 4.64. The company has a market capitalization of $1.76 billion, a P/E ratio of -5.67 and a beta of 0.48.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative net margin of 279.31% and a negative return on equity of 160.60%. The firm had revenue of $45.87 million for the quarter, compared to analyst estimates of $49.08 million. During the same period last year, the firm earned ($0.98) earnings per share. The business’s quarterly revenue was up 266.4% compared to the same quarter last year. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the completion of the sale, the chief executive officer directly owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. This represents a 34.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new position in shares of Syndax Pharmaceuticals during the 1st quarter worth approximately $25,000. Larson Financial Group LLC boosted its position in Syndax Pharmaceuticals by 192.2% in the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after purchasing an additional 1,922 shares during the last quarter. Quantbot Technologies LP bought a new position in Syndax Pharmaceuticals in the 3rd quarter valued at $53,000. Lazard Asset Management LLC purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $66,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Syndax Pharmaceuticals by 103.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after buying an additional 4,308 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).