Citigroup Increases Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target to $51.00

Key Points

• Citigroup has increased its target price for Syndax Pharmaceuticals from $46.00 to $51.00, indicating a potential upside of 306.50% from the current stock price.
• Multiple analysts maintain a predominantly positive outlook on the stock, with ten analysts issuing a buy rating compared to one hold and one sell rating.
• Syndax Pharmaceuticals reported a significant revenue increase of 984.5% year-over-year for the last quarter, highlighting strong operational growth despite a negative EPS.

Syndax Pharmaceuticals (NASDAQ:SNDX - Free Report) had its price target upped by Citigroup from $46.00 to $51.00 in a research note issued to investors on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms have also recently commented on SNDX. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a research note on Tuesday, May 6th. BTIG Research boosted their target price on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday. Guggenheim reissued a "buy" rating and set a $32.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $18.00 price target for the company. Finally, UBS Group decreased their price target on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. One equities research 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.91.

Syndax Pharmaceuticals Trading Down 1.9%

Shares of SNDX traded down $0.24 during midday trading on Tuesday, hitting $12.48. 2,853,978 shares of the stock were exchanged, compared to its average volume of 2,416,729. Syndax Pharmaceuticals has a 52-week low of $8.58 and a 52-week high of $22.50. The stock has a fifty day simple moving average of $10.08 and a 200 day simple moving average of $11.89. The firm has a market cap of $1.08 billion, a P/E ratio of -3.21 and a beta of 0.74. The company has a debt-to-equity ratio of 2.06, a quick ratio of 5.75 and a current ratio of 4.71.

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

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 7,534 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total value of $69,990.86. Following the transaction, the chief executive officer directly owned 298,661 shares in the company, valued at approximately $2,774,560.69. This trade represents a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

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

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).