Deutsche Bank AG Purchases New Shares in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Deutsche Bank initiated a position in Syndax Pharmaceuticals during the second quarter, purchasing 95,315 shares valued at approximately $2.1 million, while other major institutions also increased or established holdings.
• Syndax reported a quarterly loss of $0.55 per share, missing estimates of $0.45, and revenue of $72.79 million that fell short of expectations but increased 91.8% year over year.
• Despite recent insider selling and a share price near $20.16, analysts remain broadly positive: 12 rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $41.55.

Deutsche Bank AG purchased a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 95,315 shares of the company's stock, valued at approximately $2,084,000. Deutsche Bank AG owned 0.11% of Syndax Pharmaceuticals as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Elmind Capital LP bought a new stake in Syndax Pharmaceuticals during the fourth quarter worth about $38,974,000. Vanguard Group Inc. increased its stake in shares of Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock valued at $130,899,000 after purchasing an additional 1,091,717 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Syndax Pharmaceuticals during the second quarter valued at approximately $22,736,000. Bank of America Corp DE lifted its holdings in shares of Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock valued at $35,951,000 after purchasing an additional 967,873 shares during the last quarter. Finally, Orbimed Advisors LLC bought a new stake in shares of Syndax Pharmaceuticals in the 1st quarter worth approximately $22,479,000.

Syndax Pharmaceuticals Trading Up 0.3%

Syndax Pharmaceuticals stock opened at $20.16 on Friday. Syndax Pharmaceuticals, Inc. has a one year low of $12.99 and a one year high of $25.59. The business's fifty day moving average is $20.92 and its 200 day moving average is $21.29. The stock has a market capitalization of $1.79 billion, a PE ratio of -8.03 and a beta of 0.40. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share 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 business had revenue of $72.79 million during the quarter, compared to analysts' expectations of $79.36 million. During the same period last year, the firm posted ($0.83) EPS. Syndax Pharmaceuticals's quarterly revenue was up 91.8% compared to the same quarter last year. On average, sell-side analysts predict that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the sale, the chief executive officer owned 484,843 shares of the company's stock, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the sale, the chief marketing officer owned 60,885 shares of the company's stock, valued at approximately $1,095,930. This represents a 36.02% 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. UBS Group cut their target price on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating on the stock in a research note on Friday, August 21st. Barclays lifted their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research 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. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating for the company in a report on Tuesday, August 11th. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Syndax Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $41.55.

About Syndax Pharmaceuticals

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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