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

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 target price upped by Citigroup from $46.00 to $51.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently issued reports on SNDX. Wall Street Zen upgraded Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. Guggenheim reissued a "buy" rating and issued a $32.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Scotiabank lifted their price target on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a report on Tuesday, May 6th. The Goldman Sachs Group began coverage on shares of Syndax Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $18.00 price objective for the company. Finally, BTIG Research lifted their target price on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday. One 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 stock. Based on data from MarketBeat, Syndax Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $36.91.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX traded up $0.02 during mid-day trading on Tuesday, hitting $12.91. 959,880 shares of the company traded hands, compared to its average volume of 2,217,703. The company has a quick ratio of 5.75, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The stock's fifty day moving average price is $10.00 and its 200-day moving average price is $11.92. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -3.32 and a beta of 0.74. Syndax Pharmaceuticals has a one year low of $8.58 and a one year high of $22.50.

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

Insider Buying and Selling at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 7,534 shares of Syndax Pharmaceuticals 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. The trade was a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

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