Granahan Investment Management LLC Has $6.76 Million Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Granahan Investment Management LLC has reduced its stake in Syndax Pharmaceuticals by 39.3%, now holding 549,942 shares valued at approximately $6.76 million.
• Several institutional investors have recently acquired new positions in Syndax, including Quarry LP and Magnetar Financial, indicating a growing interest in the company.
• Syndax Pharmaceuticals reported significant revenue growth of 984.5% year-over-year, with quarterly revenue reaching $37.96 million, surpassing analysts' expectations.

Granahan Investment Management LLC lessened its holdings in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 39.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 549,942 shares of the company's stock after selling 355,380 shares during the quarter. Granahan Investment Management LLC owned approximately 0.64% of Syndax Pharmaceuticals worth $6,756,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Syndax Pharmaceuticals by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock worth $706,000 after buying an additional 1,811 shares during the last quarter. Quarry LP acquired a new position in Syndax Pharmaceuticals during the first quarter worth approximately $25,000. DAFNA Capital Management LLC increased its position in Syndax Pharmaceuticals by 0.5% during the first quarter. DAFNA Capital Management LLC now owns 544,502 shares of the company's stock worth $6,689,000 after buying an additional 2,500 shares during the last quarter. E Fund Management Co. Ltd. increased its position in Syndax Pharmaceuticals by 27.2% during the first quarter. E Fund Management Co. Ltd. now owns 16,031 shares of the company's stock worth $197,000 after buying an additional 3,428 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Syndax Pharmaceuticals by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 229,758 shares of the company's stock worth $2,823,000 after buying an additional 5,497 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SNDX shares. B. Riley raised Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. BTIG Research upped their target price on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. UBS Group decreased their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. The Goldman Sachs Group upped their target price on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Friday. Finally, Citigroup upped their target price on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $38.89.

Insider Activity

In related news, CEO Michael A. Metzger sold 157,307 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $16.41, for a total value of $2,581,407.87. Following the completion of the transaction, the chief executive officer owned 298,661 shares in the company, valued at $4,901,027.01. This trade represents a 34.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis Podlesak sold 19,200 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares of the company's stock, valued at approximately $3,037,525.92. This trade represents a 9.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 204,537 shares of company stock valued at $3,265,935 over the last quarter. Corporate insiders own 4.10% of the company's stock.

Syndax Pharmaceuticals Price Performance

Shares of SNDX stock traded down $0.40 during trading hours on Tuesday, reaching $15.93. The company's stock had a trading volume of 1,171,502 shares, compared to its average volume of 2,237,126. The firm's 50 day simple moving average is $12.35 and its 200-day simple moving average is $11.98. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -4.10 and a beta of 0.72. Syndax Pharmaceuticals, Inc. has a fifty-two week low of $8.58 and a fifty-two week high of $22.50. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating analysts' consensus estimates of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The firm had revenue of $37.96 million for the quarter, compared to the consensus estimate of $26.64 million. During the same quarter last year, the business posted ($0.80) EPS. The company's revenue was up 984.5% compared to the same quarter last year. Sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Syndax Pharmaceuticals Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).