Syndax Pharmaceuticals (NASDAQ:SNDX) Sets New 1-Year High – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $18.00 and last traded at $17.39, with a volume of 926609 shares trading hands. The stock had previously closed at $16.71.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SNDX shares. Citigroup lifted their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Barclays raised their target price on Syndax Pharmaceuticals from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. BTIG Research reiterated a “buy” rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. Stifel Nicolaus began coverage on Syndax Pharmaceuticals in a report on Wednesday, September 10th. They set a “buy” rating and a $44.00 price objective on the stock. Finally, B. Riley raised Syndax Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.90.

Syndax Pharmaceuticals Stock Performance

The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The firm has a 50-day moving average of $15.34 and a 200 day moving average of $12.84. The stock has a market capitalization of $1.53 billion, a P/E ratio of -4.50 and a beta of 0.73.

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

Insiders Place Their Bets

In related news, CEO Michael A. Metzger sold 157,307 shares of the company’s stock in a transaction dated 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 owned 298,661 shares in the company, valued at approximately $4,901,027.01. This represents a 34.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of Syndax Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Phoenix Financial Ltd. purchased a new position in Syndax Pharmaceuticals in the 2nd quarter worth approximately $701,000. Exome Asset Management LLC raised its holdings in Syndax Pharmaceuticals by 5.7% during the 1st quarter. Exome Asset Management LLC now owns 337,198 shares of the company’s stock valued at $4,142,000 after buying an additional 18,298 shares during the last quarter. Deutsche Bank AG raised its holdings in Syndax Pharmaceuticals by 127.7% during the 1st quarter. Deutsche Bank AG now owns 204,732 shares of the company’s stock valued at $2,516,000 after buying an additional 114,828 shares during the last quarter. Aberdeen Group plc boosted its position in Syndax Pharmaceuticals by 129.1% during the 2nd quarter. Aberdeen Group plc now owns 303,426 shares of the company’s stock valued at $2,842,000 after buying an additional 170,993 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Syndax Pharmaceuticals in the 2nd quarter worth $2,593,000.

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).