Elmind Capital LP Purchases New Stake in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Elmind Capital LP bought a new stake in Syndax Pharmaceuticals in the fourth quarter, purchasing 1.855 million shares worth about $38.97 million. The position represents 11.5% of Elmind’s portfolio and makes SNDX its second-largest holding.
• Insider selling picked up recently, including sales by CMO Nicholas A.J. Botwood and CEO Michael A. Metzger. Altogether, insiders sold 73,539 shares worth about $1.34 million in the last quarter.
• Syndax shares were up 2.6% to $19.04, while analysts remain generally bullish with a consensus Moderate Buy rating and an average price target of $42.55. The company also beat EPS estimates in its latest quarter, though revenue came in below expectations.

Elmind Capital LP purchased a new stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,855,000 shares of the company's stock, valued at approximately $38,974,000. Syndax Pharmaceuticals comprises 11.5% of Elmind Capital LP's portfolio, making the stock its 2nd largest holding. Elmind Capital LP owned 2.13% of Syndax Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SNDX. Vanguard Group Inc. lifted its stake in Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock valued at $130,899,000 after buying an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. lifted its stake in Syndax Pharmaceuticals by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company's stock valued at $119,660,000 after buying an additional 208,941 shares during the period. State Street Corp lifted its stake in Syndax Pharmaceuticals by 19.3% in the fourth quarter. State Street Corp now owns 4,596,552 shares of the company's stock valued at $96,574,000 after buying an additional 743,003 shares during the period. Bank of America Corp DE lifted its stake in Syndax Pharmaceuticals by 33.7% in 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 buying an additional 967,873 shares during the period. Finally, Kingdon Capital Management L.L.C. lifted its stake in Syndax Pharmaceuticals by 19.0% in the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company's stock valued at $38,462,000 after buying an additional 400,000 shares during the period.

Insider Activity

In other news, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $18.00, for a total transaction of $617,040.00. Following the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,095,930. The trade was a 36.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $18.99, for a total value of $130,024.53. Following the transaction, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. This trade represents a 1.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 73,539 shares of company stock worth $1,336,019 in the last quarter. 4.80% of the stock is currently owned by company insiders.

Syndax Pharmaceuticals Trading Up 2.6%

NASDAQ:SNDX opened at $19.04 on Thursday. Syndax Pharmaceuticals, Inc. has a fifty-two week low of $8.59 and a fifty-two week high of $25.59. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06. The stock has a market capitalization of $1.69 billion, a PE ratio of -6.82 and a beta of 0.38. The business's 50-day simple moving average is $20.68 and its 200-day simple moving average is $21.21.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $69.76 million. During the same quarter in the previous year, the business posted ($0.98) EPS. Syndax Pharmaceuticals's revenue for the quarter was up 224.3% on a year-over-year basis. Sell-side analysts expect that Syndax Pharmaceuticals, Inc. will post -1.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Stifel Nicolaus set a $45.00 price objective on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. HC Wainwright reissued a "buy" rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.55.

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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