Bank of America Corp DE Decreases Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Bank of America reduced its Syndax Pharmaceuticals stake by 9.8% in the first quarter, selling 460,910 shares and retaining 4.25 million shares worth approximately $99.3 million. Other institutions, including Vanguard, Qube Research and Adage Capital, increased their positions.
• Syndax reported a quarterly loss of $0.55 per share, missing the $0.45 consensus estimate, while revenue of $72.8 million also fell short of expectations. Revenue nevertheless increased 91.8% year over year, although analysts expect the company to remain unprofitable in the near term.
• Analyst sentiment remains broadly positive, with 12 Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $42.36. However, HC Wainwright lowered its earnings forecasts and price target to $38, reflecting more cautious expectations for profitability.

Bank of America Corp DE lowered its position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,249,836 shares of the company's stock after selling 460,910 shares during the quarter. Bank of America Corp DE owned 4.80% of Syndax Pharmaceuticals worth $99,276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Elmind Capital LP purchased a new position in Syndax Pharmaceuticals during the 4th quarter valued at about $38,974,000. Vanguard Group Inc. increased its position in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock worth $130,899,000 after buying an additional 1,091,717 shares in the last quarter. Orbimed Advisors LLC purchased a new position in Syndax Pharmaceuticals during the first quarter worth $22,479,000. Qube Research & Technologies Ltd raised its holdings in shares of Syndax Pharmaceuticals by 99.5% in the second quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company's stock worth $15,601,000 after acquiring an additional 831,067 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Syndax Pharmaceuticals by 126.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,432,440 shares of the company's stock worth $13,415,000 after acquiring an additional 800,800 shares during the last quarter.

Key Syndax Pharmaceuticals News

Here are the key news stories impacting Syndax Pharmaceuticals this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and $38 price objective, indicating substantial potential upside if Syndax’s pipeline and commercial outlook develop as expected. HC Wainwright Issues Pessimistic Forecast for Syndax Pharmaceuticals
• Neutral Sentiment: The analyst still projects a transition to profitability, forecasting positive EPS of $0.84 in FY2028, $2.28 in FY2029 and $3.16 in FY2030, although those estimates were reduced from previous forecasts.
• Negative Sentiment: HC Wainwright cut its FY2026 EPS forecast to a loss of $1.92 from a loss of $1.16, and lowered its Q3 and Q4 2026 estimates to losses of $0.48 and $0.40 per share, respectively.
• Negative Sentiment: The firm reduced its FY2027 EPS forecast to a loss of $0.41 from a loss of $0.13, suggesting Syndax may remain unprofitable longer than previously expected.
• Negative Sentiment: Longer-term projections were also trimmed: FY2028 EPS fell to $0.84 from $1.17, FY2029 to $2.28 from $2.59, and FY2030 to $3.16 from $3.52. The broad reductions point to more cautious expectations for the company’s earnings trajectory.

Syndax Pharmaceuticals Stock Up 3.2%

Shares of NASDAQ SNDX opened at $20.40 on Friday. The stock has a market capitalization of $1.81 billion, a PE ratio of -8.13 and a beta of 0.40. The company has a quick ratio of 5.06, a current ratio of 6.77 and a debt-to-equity ratio of 38.95. The firm has a fifty day moving average of $20.43 and a 200-day moving average of $21.36. Syndax Pharmaceuticals, Inc. has a 52-week low of $12.10 and a 52-week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its 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 firm had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. During the same quarter in the previous year, the firm posted ($0.83) EPS. The firm's revenue for the quarter was up 91.8% compared to the same quarter last year. On average, analysts anticipate that Syndax Pharmaceuticals, Inc. will post -1.87 EPS for the current year.

Wall Street Analysts Forecast Growth

SNDX has been the topic of a number of analyst reports. Bank of America reaffirmed a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday. Barclays raised their price target on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. HC Wainwright cut their price objective on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Wednesday. Weiss Ratings downgraded shares of Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Finally, UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $42.36.

Insider Buying and Selling at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 32,375 shares of the company's stock in a transaction 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $18.00, for a total value of $617,040.00. Following the sale, the chief marketing officer owned 60,885 shares in the company, valued at approximately $1,095,930. The trade was a 36.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 105,914 shares of company stock worth $2,120,789 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.

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