Syndax Pharmaceuticals, Inc. $SNDX Shares Sold by Granahan Investment Management LLC

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 lowered its holdings in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 39.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 549,942 shares of the company's stock after selling 355,380 shares during the quarter. Granahan Investment Management LLC owned 0.64% of Syndax Pharmaceuticals worth $6,756,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Syndax Pharmaceuticals by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock worth $706,000 after acquiring an additional 1,811 shares during the period. Quarry LP acquired a new stake in shares of Syndax Pharmaceuticals in the first quarter worth $25,000. DAFNA Capital Management LLC increased its stake in shares of Syndax Pharmaceuticals by 0.5% in the first quarter. DAFNA Capital Management LLC now owns 544,502 shares of the company's stock worth $6,689,000 after acquiring an additional 2,500 shares during the period. E Fund Management Co. Ltd. increased its stake in shares of Syndax Pharmaceuticals by 27.2% in the first quarter. E Fund Management Co. Ltd. now owns 16,031 shares of the company's stock worth $197,000 after acquiring an additional 3,428 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings 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 in the last quarter.

Insider Buying and Selling

In related news, Director Dennis Podlesak sold 19,200 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares in the company, valued at approximately $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael A. Metzger sold 157,307 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the completion of the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at $4,901,027.01. This trade represents a 34.50% 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 in the last 90 days. Company insiders own 4.10% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Guggenheim assumed coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $34.00 price target on the stock. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. BTIG Research increased their price target on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Stifel Nicolaus reaffirmed a "buy" rating and set a $44.00 price objective on shares of Syndax Pharmaceuticals in a report on Wednesday. Finally, Citigroup increased their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of "Buy" and an average price target of $39.22.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ SNDX traded up $0.09 during mid-day trading on Wednesday, reaching $16.02. The company's stock had a trading volume of 657,364 shares, compared to its average volume of 2,227,586. The stock has a 50-day moving average of $12.50 and a two-hundred day moving average of $12.01. The stock has a market capitalization of $1.38 billion, a P/E ratio of -4.13 and a beta of 0.72. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. Syndax Pharmaceuticals, Inc. has a 1-year low of $8.58 and a 1-year high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating analysts' consensus estimates of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The business had revenue of $37.96 million during the quarter, compared to analysts' expectations of $26.64 million. During the same period in the prior year, the business earned ($0.80) earnings per share. The company's quarterly revenue was up 984.5% compared to the same quarter last year. On average, equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal 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).