Bank of America Corp DE Purchases New Shares in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Bank of America acquired 4.05 million shares of Syndax Pharmaceuticals during the second quarter, valued at approximately $88.4 million and representing about 4.57% of the company.
• Syndax reported a quarterly loss of $0.55 per share, missing estimates by $0.10, while revenue rose 91.8% year over year to $72.79 million but fell short of expectations.
• Analysts maintain a generally positive outlook, with 10 Buy ratings and one Sell rating, an average “Moderate Buy” consensus, and a $42.30 price target versus the stock’s recent $17.62 price.

Bank of America Corp DE acquired a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,045,094 shares of the company's stock, valued at approximately $88,426,000. Bank of America Corp DE owned approximately 4.57% of Syndax Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently made changes to their positions in the company. Allworth Financial LP acquired a new position in shares of Syndax Pharmaceuticals during the second quarter worth approximately $26,000. Pallas Capital Advisors LLC acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at approximately $207,000. Bleakley Financial Group LLC acquired a new stake in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $292,000. Diversified Trust Co raised its position in Syndax Pharmaceuticals by 23.0% in the 1st quarter. Diversified Trust Co now owns 13,660 shares of the company's stock worth $319,000 after purchasing an additional 2,551 shares during the last quarter. Finally, E Fund Management Co. Ltd. bought a new position in Syndax Pharmaceuticals in the 2nd quarter worth approximately $301,000.

Syndax Pharmaceuticals Trading Down 0.3%

Shares of SNDX opened at $17.62 on Friday. 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, Inc. has a 52-week low of $12.99 and a 52-week high of $25.59. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -7.02 and a beta of 0.37. The business's fifty day moving average is $20.15 and its 200-day moving average is $21.12.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced 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). 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 for the quarter, compared to the consensus estimate of $79.36 million. During the same quarter in the prior year, the company earned ($0.83) earnings per share. Syndax Pharmaceuticals's quarterly revenue was up 91.8% compared to the same quarter last year. Equities analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SNDX has been the topic of a number of recent research reports. UBS Group decreased their price objective on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating on the stock in a research report on Friday, August 21st. Weiss Ratings lowered Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. HC Wainwright lowered their price objective on Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, Bank of America reissued a "buy" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $42.30.

Insider Transactions at Syndax Pharmaceuticals

In related news, CEO Michael Metzger sold 32,375 shares of the company's 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 transaction, the chief executive officer directly owned 484,843 shares in the company, valued at $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 is available through this hyperlink. 4.80% of the stock is currently owned by corporate insiders.

About Syndax Pharmaceuticals

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.

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