Granahan Investment Management LLC Cuts Stock Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Granahan Investment Management cut its position in Syndax Pharmaceuticals by 16.5% in the first quarter, selling 60,472 shares and leaving it with 306,321 shares worth about $7.16 million.
• Syndax’s latest earnings showed a smaller-than-expected loss of ($0.48) per share, beating estimates, while revenue came in at $64.86 million and rose 224.3% year over year.
• Insiders have also been selling stock recently, including the CMO and CEO; in the past 90 days, insiders sold 105,914 shares worth about $2.12 million.

Granahan Investment Management LLC lessened its holdings in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 16.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 306,321 shares of the company's stock after selling 60,472 shares during the quarter. Granahan Investment Management LLC owned about 0.35% of Syndax Pharmaceuticals worth $7,156,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in SNDX. Hsbc Holdings PLC increased its stake in Syndax Pharmaceuticals by 3.2% during the 1st quarter. Hsbc Holdings PLC now owns 23,461 shares of the company's stock worth $556,000 after buying an additional 730 shares during the period. Pallas Capital Advisors LLC lifted its holdings in Syndax Pharmaceuticals by 8.7% during the 4th quarter. Pallas Capital Advisors LLC now owns 10,985 shares of the company's stock worth $231,000 after buying an additional 875 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Syndax Pharmaceuticals by 26.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company's stock valued at $89,000 after buying an additional 893 shares during the period. Schroder Investment Management Group boosted its position in Syndax Pharmaceuticals by 1.0% in the 3rd quarter. Schroder Investment Management Group now owns 123,404 shares of the company's stock valued at $1,920,000 after buying an additional 1,241 shares during the period. Finally, Verition Fund Management LLC grew its stake in shares of Syndax Pharmaceuticals by 7.5% in the fourth quarter. Verition Fund Management LLC now owns 18,460 shares of the company's stock worth $388,000 after acquiring an additional 1,281 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research report on Wednesday, July 15th. Mizuho lowered their target price on Syndax Pharmaceuticals from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, March 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, June 24th. Jefferies Financial Group restated a "buy" rating and set a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a report on Monday, March 30th. Finally, Barclays increased their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $42.55.

Syndax Pharmaceuticals Stock Down 1.9%

SNDX opened at $20.81 on Friday. The business's 50-day simple moving average is $20.45 and its 200-day simple moving average is $21.45. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. Syndax Pharmaceuticals, Inc. has a one year low of $9.42 and a one year high of $25.59. The stock has a market capitalization of $1.84 billion, a P/E ratio of -7.46 and a beta of 0.37.

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

Insider Activity at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CMO Nicholas A.J. Botwood sold 34,280 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was 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 in the company, valued at approximately $1,095,930. The trade was a 36.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael A. Metzger sold 32,375 shares of the 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 directly owned 484,843 shares of the company's stock, valued at $11,752,594.32. The trade was a 6.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 105,914 shares of company stock worth $2,120,789. 4.80% of the stock is currently owned by corporate insiders.

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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