Eversept Partners LP Decreases Stock Holdings in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Eversept Partners LP trimmed its stake in Syndax Pharmaceuticals by 4.4% in the fourth quarter, but still owned 3,314,408 shares worth about $69.6 million, making SNDX its sixth-largest holding.
• Insider selling continued, with CMO Nicholas A.J. Botwood and CEO Michael A. Metzger both selling shares recently; insiders have sold 73,539 shares worth about $1.34 million over the past three months.
• Analysts remain generally upbeat on the stock, with several firms reiterating or raising buy/overweight ratings and a consensus price target of $42.55, while shares recently traded around $19.04 after a 2.6% gain.

Eversept Partners LP lowered its stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 4.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,314,408 shares of the company's stock after selling 152,906 shares during the quarter. Syndax Pharmaceuticals makes up approximately 3.5% of Eversept Partners LP's holdings, making the stock its 6th biggest holding. Eversept Partners LP owned about 3.81% of Syndax Pharmaceuticals worth $69,636,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in Syndax Pharmaceuticals by 2,698.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company's stock worth $55,000 after acquiring an additional 2,564 shares during the last quarter. Larson Financial Group LLC grew its holdings in Syndax Pharmaceuticals by 192.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company's stock worth $45,000 after acquiring an additional 1,922 shares during the last quarter. Quantbot Technologies LP bought a new stake in Syndax Pharmaceuticals during the 3rd quarter worth about $53,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Syndax Pharmaceuticals by 26.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company's stock worth $89,000 after acquiring an additional 893 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Syndax Pharmaceuticals during the 2nd quarter worth about $66,000.

Insider Activity at Syndax Pharmaceuticals

In related news, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction that occurred 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 transaction, the chief marketing officer owned 60,885 shares of the company's stock, valued at $1,095,930. This trade represents a 36.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.99, for a total transaction of $130,024.53. Following the transaction, the chief executive officer directly owned 484,843 shares in the company, valued at $9,207,168.57. The trade was 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 three months. 4.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Barclays raised their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Wall Street Zen raised shares of Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. HC Wainwright reaffirmed a "buy" rating and issued a $40.00 target price on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Finally, JPMorgan Chase & Co. raised their target price on shares of Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an "overweight" rating in a research note on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.55.

Syndax Pharmaceuticals Stock Up 2.6%

Shares of NASDAQ SNDX opened at $19.04 on Thursday. The firm has a market capitalization of $1.69 billion, a PE ratio of -6.82 and a beta of 0.38. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26. Syndax Pharmaceuticals, Inc. has a 1 year low of $8.59 and a 1 year high of $25.59. The firm's 50-day moving average is $20.68 and its 200-day moving average is $21.21.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.11. The company had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The company's revenue for the quarter was up 224.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.98) EPS. Equities analysts expect that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current year.

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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