Apis Capital Advisors LLC Acquires 86,000 Shares of Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Apis Capital Advisors LLC boosted its stake in Syndax Pharmaceuticals by 13.5% in the fourth quarter, buying an additional 86,000 shares and bringing its total holding to 724,000 shares worth about $15.2 million.
• Syndax reported quarterly earnings of -$0.48 per share, beating analyst expectations, while revenue came in at $64.86 million and rose 224.3% year over year.
• Analysts remain broadly positive on SNDX, with a Moderate Buy consensus and an average price target of $42.55, though recent insider selling included share sales by both the CMO and CEO.

Apis Capital Advisors LLC increased its position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 724,000 shares of the company's stock after purchasing an additional 86,000 shares during the period. Syndax Pharmaceuticals comprises about 2.7% of Apis Capital Advisors LLC's investment portfolio, making the stock its 15th largest position. Apis Capital Advisors LLC owned about 0.83% of Syndax Pharmaceuticals worth $15,211,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Pallas Capital Advisors LLC raised its stake in shares of Syndax Pharmaceuticals by 8.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 10,985 shares of the company's stock valued at $231,000 after purchasing an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Syndax Pharmaceuticals by 26.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company's stock valued at $89,000 after purchasing an additional 893 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Syndax Pharmaceuticals by 1.0% in the third quarter. Schroder Investment Management Group now owns 123,404 shares of the company's stock valued at $1,920,000 after purchasing an additional 1,241 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of Syndax Pharmaceuticals by 7.5% in the fourth quarter. Verition Fund Management LLC now owns 18,460 shares of the company's stock valued at $388,000 after purchasing an additional 1,281 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Syndax Pharmaceuticals by 9.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 17,562 shares of the company's stock valued at $374,000 after purchasing an additional 1,455 shares in the last quarter.

Syndax Pharmaceuticals Stock Performance

Shares of NASDAQ:SNDX opened at $19.04 on Thursday. The business's fifty day moving average price is $20.68 and its two-hundred day moving average price is $21.21. Syndax Pharmaceuticals, Inc. has a fifty-two week low of $8.59 and a fifty-two week high of $25.59. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -6.82 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.11. The company had revenue of $64.86 million for the quarter, compared to analysts' expectations of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business's revenue for the quarter was up 224.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.98) earnings per share. As a group, analysts predict that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SNDX. Citigroup upped their target price on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Stifel Nicolaus set a $45.00 target price on Syndax Pharmaceuticals in a research note on Friday, February 27th. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Jefferies Financial Group restated a "buy" rating and issued a $40.00 target price (down from $48.00) on shares of Syndax Pharmaceuticals in a research note on Monday, March 30th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $42.55.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $18.14, for a total transaction of $566,602.90. Following the sale, the chief marketing officer owned 60,885 shares in the company, valued at approximately $1,104,453.90. This represents a 33.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael A. Metzger sold 6,847 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the sale, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. The trade was a 1.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 73,539 shares of company stock worth $1,336,019 in the last 90 days. Company insiders own 4.80% of the company's stock.

Syndax Pharmaceuticals Profile

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.

Want to see what other hedge funds are holding SNDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report).

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.