BlackRock Inc. Makes New Investment in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• BlackRock acquired 9.02 million shares of Syndax Pharmaceuticals in the second quarter, worth approximately $197.2 million, giving it a 10.18% stake. Several other institutional investors also initiated or increased positions.
• Syndax reported a quarterly loss of $0.55 per share, missing the $0.45 consensus estimate, while revenue of $72.79 million also fell short of expectations. However, revenue increased 91.8% year over year.
• Analysts remain broadly positive, with 12 Buy ratings and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $41.55 versus the stock’s reported $20.16 price.

BlackRock Inc. bought a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 9,020,006 shares of the company's stock, valued at approximately $197,177,000. BlackRock Inc. owned 10.18% of Syndax Pharmaceuticals at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new stake in Syndax Pharmaceuticals during the 2nd quarter valued at approximately $207,000. Deutsche Bank AG bought a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $2,084,000. Bank of New York Mellon Corp purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter valued at approximately $22,736,000. GSA Capital Partners LLP purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter valued at approximately $1,372,000. Finally, Tema ETFs LLC boosted its position in shares of Syndax Pharmaceuticals by 23.8% during the second quarter. Tema ETFs LLC now owns 72,212 shares of the company's stock valued at $1,579,000 after purchasing an additional 13,864 shares in the last quarter.

Insider Buying and Selling

In related news, CMO Nicholas A.J. Botwood sold 34,280 shares of the firm's stock in a transaction that occurred on 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. This trade represents a 36.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 32,375 shares of the business'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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 105,914 shares of company stock worth $2,120,789. 4.80% of the stock is owned by insiders.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ:SNDX opened at $20.16 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. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -8.03 and a beta of 0.40. The business has a 50-day simple moving average of $20.92 and a two-hundred day simple moving average of $21.29. Syndax Pharmaceuticals, Inc. has a fifty-two week low of $12.99 and a fifty-two week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced 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 net margin of 87.52% and a negative return on equity of 372.94%. The company had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. During the same period in the previous year, the business earned ($0.83) EPS. The business's revenue was up 91.8% compared to the same quarter last year. On average, analysts expect that Syndax Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SNDX shares. Bank of America reaffirmed a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Barclays boosted their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Weiss Ratings raised shares of Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st. UBS Group decreased their price target on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating for the company in a research note on Friday, August 21st. Finally, HC Wainwright cut their price objective on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Twelve investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.55.

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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