Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eleven brokerages rate Syndax Pharmaceuticals a consensus “Moderate Buy,” with ten buy ratings and one sell rating. The average 12-month price target is $42.30, well above the stock’s reported $18.18 price.
• Recent earnings fell short of expectations: Syndax reported a quarterly loss of $0.55 per share versus the $0.45 expected, while revenue of $72.79 million missed estimates of $79.36 million. However, revenue increased 91.8% year over year.
• Shares remain below their recent highs: SNDX has traded between $12.99 and $25.59 over the past year, with 50-day and 200-day moving averages of $20.74 and $21.23, respectively. The CEO also sold 32,375 shares in July, reducing his ownership by 6.26%.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eleven brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $42.30.

A number of brokerages recently commented on SNDX. JPMorgan Chase & Co. dropped their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating for the company in a research note on Tuesday, August 11th. UBS Group reduced their price objective on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating on the stock in a research report on Friday, August 21st. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. HC Wainwright cut their target price on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ:SNDX opened at $18.18 on Monday. Syndax Pharmaceuticals has a 1 year low of $12.99 and a 1 year high of $25.59. The company has a market cap of $1.61 billion, a PE ratio of -7.24 and a beta of 0.37. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. The stock's 50-day moving average is $20.74 and its 200 day moving average is $21.23.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.10). The business had revenue of $72.79 million during the quarter, compared to analysts' expectations of $79.36 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.The company's quarterly revenue was up 91.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.83) EPS. Sell-side analysts anticipate that Syndax Pharmaceuticals will post -2.01 EPS for the current year.

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael Metzger sold 32,375 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the sale, the chief executive officer directly owned 484,843 shares in the company, valued at $11,752,594.32. The trade was a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its stake in shares of Syndax Pharmaceuticals by 478.8% in the 1st quarter. AQR Capital Management LLC now owns 377,444 shares of the company's stock worth $4,637,000 after acquiring an additional 312,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Syndax Pharmaceuticals by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,842 shares of the company's stock worth $705,000 after acquiring an additional 3,094 shares in the last quarter. Caxton Associates LLP purchased a new stake in Syndax Pharmaceuticals in the first quarter worth about $257,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Syndax Pharmaceuticals by 18.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 200,696 shares of the company's stock worth $2,466,000 after purchasing an additional 30,596 shares during the period. Finally, Legal & General Group Plc increased its position in Syndax Pharmaceuticals by 4.9% during the 2nd quarter. Legal & General Group Plc now owns 84,575 shares of the company's stock valued at $792,000 after buying an additional 3,937 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering therapies for cancer and other serious diseases. The company's research has centered on medicines that target disease-driving biological pathways, including genetically defined forms of leukemia and immune-related conditions.

Syndax's lead product is Revuforj (revumenib), an oral menin inhibitor approved by the U.S. Food and Drug Administration for certain adults and children with relapsed or refractory acute leukemia involving a KMT2A translocation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.