Ishara Investments LP Takes Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Ishara Investments LP opened a new position in Syndax Pharmaceuticals, buying 100,000 shares worth about $2.1 million. The stake represents roughly 2.4% of Ishara’s portfolio and about 0.12% of Syndax’s shares.
• Several other hedge funds also increased or initiated positions in the company, including Vanguard, Bank of America, Qube Research, and Adage Capital, indicating broader institutional interest.
• Insiders sold shares over the past three months, including CEO Michael A. Metzger and CMO Nicholas A.J. Botwood, while analysts remain mostly positive with a Moderate Buy consensus and a target price of $42.55.

Ishara Investments LP purchased a new stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 100,000 shares of the company's stock, valued at approximately $2,101,000. Syndax Pharmaceuticals accounts for about 2.4% of Ishara Investments LP's holdings, making the stock its 14th biggest holding. Ishara Investments LP owned about 0.12% of Syndax Pharmaceuticals at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Elmind Capital LP acquired a new position in Syndax Pharmaceuticals during the fourth quarter worth $38,974,000. Vanguard Group Inc. raised its holdings in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock worth $130,899,000 after purchasing an additional 1,091,717 shares during the last quarter. Bank of America Corp DE raised its holdings in Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock worth $35,951,000 after purchasing an additional 967,873 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in Syndax Pharmaceuticals by 99.5% during the second quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company's stock worth $15,601,000 after purchasing an additional 831,067 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Syndax Pharmaceuticals by 126.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,432,440 shares of the company's stock worth $13,415,000 after purchasing an additional 800,800 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Michael A. Metzger sold 6,847 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the completion of the transaction, the chief executive officer directly owned 484,843 shares of the company's stock, valued at $9,207,168.57. This represents a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the 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 transaction, the chief marketing officer directly owned 60,885 shares of the company's stock, valued at $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 a total of 73,539 shares of company stock valued at $1,336,019 over the last three months. Corporate insiders own 4.80% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on SNDX shares. HC Wainwright reiterated a "buy" rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. The Goldman Sachs Group lifted their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, April 1st. Jefferies Financial Group reissued a "buy" rating and set a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. Stifel Nicolaus set a $45.00 price target on Syndax Pharmaceuticals in a research report on Friday, February 27th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $42.55.

Syndax Pharmaceuticals Stock Up 2.6%

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 stock has a 50 day moving average of $20.68 and a 200-day moving average of $21.21. Syndax Pharmaceuticals, Inc. has a 52 week low of $8.59 and a 52 week high of $25.59. 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 (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business had revenue of $64.86 million during the quarter, compared to analyst estimates of $69.76 million. During the same period in the prior year, the company posted ($0.98) EPS. The business's revenue for the quarter was up 224.3% compared to the same quarter last year. Analysts predict that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current year.

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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