BTIG Research Forecasts Strong Price Appreciation for Syndax Pharmaceuticals (NASDAQ:SNDX) Stock

Key Points

• BTIG Research has increased its price target for Syndax Pharmaceuticals (NASDAQ:SNDX) from $43.00 to $56.00, suggesting a potential upside of 358.42% from the current price.
• The company's revenue for the most recent quarter reached $37.96 million, significantly surpassing analysts' estimates of $26.64 million, representing a year-over-year increase of 984.5%.
• While one analyst rated the stock as a sell, ten analysts have given it a buy rating, indicating a consensus average rating of "Moderate Buy" with a target price of $36.09.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) had its price objective hoisted by equities research analysts at BTIG Research from $43.00 to $56.00 in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target would indicate a potential upside of 348.72% from the stock's previous close.

Several other equities research analysts also recently issued reports on the company. UBS Group cut their price objective on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen raised shares of Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group initiated coverage on Syndax Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target for the company. Scotiabank raised their price objective on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a "sector perform" rating in a report on Tuesday, May 6th. Finally, Guggenheim reissued a "buy" rating and issued a $32.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Syndax Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $36.91.

Syndax Pharmaceuticals Trading Down 1.9%

Shares of NASDAQ SNDX traded down $0.24 during trading on Tuesday, hitting $12.48. 2,853,978 shares of the company were exchanged, compared to its average volume of 2,416,729. The company has a debt-to-equity ratio of 2.06, a quick ratio of 5.75 and a current ratio of 4.71. The company has a fifty day moving average price of $10.08 and a 200-day moving average price of $11.89. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $22.50. The firm has a market capitalization of $1.08 billion, a PE ratio of -3.21 and a beta of 0.74.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.01) by $0.18. The company had revenue of $37.96 million during the quarter, compared to analysts' expectations of $26.64 million. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%. The firm's quarterly revenue was up 984.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.80) earnings per share. As a group, equities research analysts expect that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael A. Metzger sold 7,534 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total transaction of $69,990.86. Following the completion of the sale, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $2,774,560.69. This trade represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS acquired a new position in Syndax Pharmaceuticals during the fourth quarter worth about $219,000. Wells Fargo & Company MN raised its position in shares of Syndax Pharmaceuticals by 37.6% in the fourth quarter. Wells Fargo & Company MN now owns 42,117 shares of the company's stock valued at $557,000 after buying an additional 11,498 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Syndax Pharmaceuticals by 114.8% during the fourth quarter. Russell Investments Group Ltd. now owns 29,022 shares of the company's stock worth $384,000 after purchasing an additional 15,508 shares during the last quarter. Aristides Capital LLC acquired a new stake in Syndax Pharmaceuticals in the 4th quarter worth about $197,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Syndax Pharmaceuticals in the fourth quarter worth approximately $9,002,000.

Syndax Pharmaceuticals Company Profile

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).