BTIG Research Raises Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target to $56.00

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 target price lifted by analysts at BTIG Research from $43.00 to $56.00 in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm currently has a "buy" rating on the stock. BTIG Research's price objective would indicate a potential upside of 358.42% from the company's current price.

Several other research firms also recently commented on SNDX. Wall Street Zen raised shares of Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $18.00 target price for the company. Scotiabank upped their price objective on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a "sector perform" rating in a report on Tuesday, May 6th. Guggenheim reaffirmed a "buy" rating and set a $32.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Finally, UBS Group reduced their price objective on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $36.09.

Syndax Pharmaceuticals Trading Up 17.7%

SNDX traded up $1.84 during trading on Tuesday, reaching $12.22. The company had a trading volume of 3,094,474 shares, compared to its average volume of 2,154,426. The firm's 50-day simple moving average is $9.89 and its 200 day simple moving average is $11.91. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -3.14 and a beta of 0.74. The company has a debt-to-equity ratio of 1.53, a quick ratio of 5.75 and a current ratio of 5.80. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative return on equity of 101.60% and a negative net margin of 757.53%. The company had revenue of $37.96 million for the quarter, compared to analysts' expectations of $26.64 million. During the same quarter in the previous year, the business posted ($0.80) EPS. The business's revenue for the quarter was up 984.5% on a year-over-year basis. Equities research analysts anticipate that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael A. Metzger sold 7,534 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $9.29, for a total transaction of $69,990.86. Following the completion of the transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at approximately $2,774,560.69. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of Syndax Pharmaceuticals during the first quarter worth approximately $25,000. Virtus ETF Advisers LLC increased its holdings in Syndax Pharmaceuticals by 18.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company's stock valued at $70,000 after purchasing an additional 827 shares in the last quarter. Magnetar Financial LLC acquired a new stake in Syndax Pharmaceuticals during the 1st quarter valued at $132,000. Optimize Financial Inc acquired a new stake in Syndax Pharmaceuticals during the 4th quarter valued at $152,000. Finally, Lazard Asset Management LLC acquired a new stake in Syndax Pharmaceuticals during the 4th quarter valued at $153,000.

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).

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