Alyeska Investment Group L.P. Acquires Shares of 308,507 Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Alyeska Investment Group acquired 308,507 shares of Syndax Pharmaceuticals worth approximately $6.74 million, while several other institutional investors also increased or initiated positions.
• Analysts remain broadly optimistic, with 12 Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and an average price target of $41.55, despite several recent target-price reductions.
• Syndax reported $72.79 million in quarterly revenue, up 91.8% year over year, but missed estimates and posted an EPS loss of $0.55 versus the expected $0.45 loss; insiders have sold nearly 97,900 shares over the past 90 days.

Alyeska Investment Group L.P. acquired a new stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 308,507 shares of the company's stock, valued at approximately $6,744,000. Alyeska Investment Group L.P. owned 0.35% of Syndax Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wedbush Securities Inc. raised its stake in Syndax Pharmaceuticals by 40.3% during the 2nd quarter. Wedbush Securities Inc. now owns 12,705 shares of the company's stock valued at $278,000 after acquiring an additional 3,651 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Syndax Pharmaceuticals by 7.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 161,323 shares of the company's stock worth $3,527,000 after acquiring an additional 11,526 shares during the period. Wellington Management Group LLP raised its holdings in Syndax Pharmaceuticals by 0.5% during the second quarter. Wellington Management Group LLP now owns 124,241 shares of the company's stock worth $2,716,000 after purchasing an additional 655 shares in the last quarter. Palo Alto Investors LP purchased a new position in Syndax Pharmaceuticals during the second quarter worth about $18,908,594. Finally, Seven Fleet Capital Management LP acquired a new stake in Syndax Pharmaceuticals in the second quarter valued at about $1,645,000.

Wall Street Analysts Forecast Growth

SNDX has been the subject of a number of recent analyst reports. UBS Group reduced their target price on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating for the company in a report on Friday, August 21st. JPMorgan Chase & Co. decreased their price objective on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. HC Wainwright dropped their target price on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $41.55.

Insiders Place Their Bets

In related news, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the sale, the chief executive officer owned 484,843 shares of the company's stock, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $18.14, for a total transaction of $566,602.90. Following the completion of the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,104,453.90. The trade was a 33.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 97,890 shares of company stock valued at $1,968,413. Insiders own 4.80% of the company's stock.

Syndax Pharmaceuticals Stock Up 4.2%

Shares of NASDAQ SNDX opened at $20.10 on Wednesday. The firm's 50 day moving average price is $20.94 and its 200 day moving average price is $21.25. Syndax Pharmaceuticals, Inc. has a 1 year low of $12.99 and a 1 year high of $25.59. The firm has a market cap of $1.78 billion, a P/E ratio of -8.01 and a beta of 0.37. The company has a debt-to-equity ratio of 38.95, a quick ratio of 6.44 and a current ratio of 6.77.

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

About Syndax Pharmaceuticals

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax's research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company's lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.

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