Ieq Capital LLC Takes Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Ieq Capital LLC purchased 54,835 shares of Syndax Pharmaceuticals during the second quarter, valued at approximately $1.2 million, joining several other institutional investors that increased or initiated positions.
• Analysts remain broadly positive, with 12 Buy ratings and one Sell rating, resulting in a “Moderate Buy” consensus and an average price target of $41.55. UBS and JPMorgan recently lowered their targets, while Barclays raised its objective.
• Syndax reported a quarterly loss of $0.55 per share, missing estimates, although revenue rose 91.8% year over year to $72.79 million. The company remains unprofitable, and insiders sold roughly $2.12 million of stock over the past 90 days.

Ieq Capital LLC purchased a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 54,835 shares of the company's stock, valued at approximately $1,199,000. Ieq Capital LLC owned 0.06% of Syndax Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Orbimed Advisors LLC acquired a new position in shares of Syndax Pharmaceuticals in the 1st quarter valued at approximately $22,479,000. Eventide Asset Management LLC lifted its holdings in shares of Syndax Pharmaceuticals by 25.3% during the 4th quarter. Eventide Asset Management LLC now owns 1,238,196 shares of the company's stock worth $26,014,000 after acquiring an additional 249,710 shares during the period. Apis Capital Advisors LLC boosted its position in shares of Syndax Pharmaceuticals by 13.5% during the 4th quarter. Apis Capital Advisors LLC now owns 724,000 shares of the company's stock worth $15,211,000 after acquiring an additional 86,000 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in Syndax Pharmaceuticals by 59.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 342,883 shares of the company's stock valued at $7,495,000 after acquiring an additional 128,076 shares during the last quarter. Finally, Voss Capital LP bought a new position in Syndax Pharmaceuticals in the fourth quarter valued at approximately $2,626,000.

Analyst Ratings Changes

Several equities research analysts have weighed in on SNDX shares. UBS Group cut their target price on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating for the company in a research note on Friday, August 21st. JPMorgan Chase & Co. lowered their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating for the company in a report on Tuesday, August 11th. Barclays raised their price objective on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Weiss Ratings upgraded Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st. Finally, Bank of America reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $41.55.

Syndax Pharmaceuticals Trading Up 0.9%

Shares of SNDX stock opened at $20.09 on Thursday. Syndax Pharmaceuticals, Inc. has a twelve month low of $12.99 and a twelve month high of $25.59. The stock's fifty day simple moving average is $20.89 and its 200 day simple moving average is $21.30. The company has a quick ratio of 6.44, a current ratio of 6.77 and a debt-to-equity ratio of 38.95. The firm has a market capitalization of $1.78 billion, a P/E ratio of -8.00 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The firm had revenue of $72.79 million during the quarter, compared to the consensus estimate of $79.36 million. During the same quarter in the prior year, the business posted ($0.83) earnings per share. Syndax Pharmaceuticals's revenue for the quarter was up 91.8% compared to the same quarter last year. As a group, sell-side analysts predict that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Insider Activity at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the company's 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 completion of the transaction, the chief marketing officer owned 60,885 shares of the company's stock, valued at approximately $1,095,930. This trade represents a 36.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 105,914 shares of company stock valued at $2,120,789 in the last ninety days. 4.80% of the stock is currently owned by insiders.

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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