Bank of New York Mellon Corp Decreases Stock Holdings in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Bank of New York Mellon reduced its Syndax Pharmaceuticals stake by 8.2% in the first quarter, selling 89,653 shares and retaining 1,004,498 shares valued at approximately $23.5 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $42.55, despite SNDX shares opening at $19.63 and recently declining 4.3%.
• Syndax’s quarterly loss of $0.48 per share beat estimates, while revenue rose 224.3% year over year to $64.86 million; however, company insiders sold 105,914 shares worth about $2.1 million over the past 90 days.

Bank of New York Mellon Corp cut its holdings in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 8.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,004,498 shares of the company's stock after selling 89,653 shares during the quarter. Bank of New York Mellon Corp owned 1.14% of Syndax Pharmaceuticals worth $23,465,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SNDX. Palumbo Wealth Management LLC bought a new position in shares of Syndax Pharmaceuticals in the 4th quarter valued at about $1,079,000. Torray Investment Partners LLC bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter valued at approximately $2,055,000. SG Americas Securities LLC boosted its holdings in shares of Syndax Pharmaceuticals by 184.5% in the 4th quarter. SG Americas Securities LLC now owns 129,227 shares of the company's stock worth $2,715,000 after purchasing an additional 83,801 shares during the period. Eventide Asset Management LLC increased its position in shares of Syndax Pharmaceuticals by 25.3% during the 4th quarter. Eventide Asset Management LLC now owns 1,238,196 shares of the company's stock valued at $26,014,000 after purchasing an additional 249,710 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in Syndax Pharmaceuticals by 236.0% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 183,802 shares of the company's stock valued at $3,862,000 after buying an additional 129,104 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SNDX shares. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. The Goldman Sachs Group increased their price objective on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, April 1st. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. HC Wainwright reiterated a "buy" rating and issued a $40.00 price target on shares of Syndax Pharmaceuticals in a report on Wednesday, July 15th. Finally, Mizuho cut their price objective on Syndax Pharmaceuticals from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.55.

Syndax Pharmaceuticals Stock Down 4.3%

Shares of NASDAQ:SNDX opened at $19.63 on Wednesday. Syndax Pharmaceuticals, Inc. has a 52-week low of $9.49 and a 52-week high of $25.59. The stock has a market cap of $1.74 billion, a P/E ratio of -7.04 and a beta of 0.37. The business's 50 day moving average is $20.48 and its 200 day moving average is $21.44. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating analysts' consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business had revenue of $64.86 million during the quarter, compared to analyst estimates of $69.76 million. During the same period in the previous year, the company posted ($0.98) EPS. Syndax Pharmaceuticals's revenue was up 224.3% on a year-over-year basis. Sell-side analysts predict that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 32,375 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 484,843 shares in the company, valued at approximately $11,752,594.32. This trade represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals 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 completion of the sale, the chief marketing officer owned 60,885 shares of the company's stock, valued at $1,095,930. The trade was a 36.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 105,914 shares of company stock worth $2,120,789. Insiders own 4.80% of the company's stock.

Syndax Pharmaceuticals Company 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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