Pale Fire Capital SE Sells 158,910 Shares of Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Pale Fire Capital SE cut its Syndax Pharmaceuticals stake by 55.9% in the second quarter, selling 158,910 shares and retaining 125,550 shares worth approximately $2.75 million.
• Syndax reported a quarterly loss of $0.55 per share, missing estimates by $0.10, while revenue of $72.79 million also fell short of expectations despite rising 91.8% year over year.
• Wall Street remains broadly positive, with 12 Buy ratings and one Sell rating; analysts’ consensus is Moderate Buy with an average price target of $41.55 versus the reported share price of $20.78.

Pale Fire Capital SE decreased its holdings in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 55.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 125,550 shares of the company's stock after selling 158,910 shares during the quarter. Syndax Pharmaceuticals accounts for approximately 0.1% of Pale Fire Capital SE's investment portfolio, making the stock its 29th biggest holding. Pale Fire Capital SE owned 0.14% of Syndax Pharmaceuticals worth $2,745,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Nykredit A S bought a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at about $72,000. Headlands Technologies LLC boosted its stake in Syndax Pharmaceuticals by 121.4% in the 2nd quarter. Headlands Technologies LLC now owns 56,227 shares of the company's stock worth $1,229,000 after purchasing an additional 30,835 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter worth about $6,744,000. Wedbush Securities Inc. boosted its position in shares of Syndax Pharmaceuticals by 40.3% in the second quarter. Wedbush Securities Inc. now owns 12,705 shares of the company's stock valued at $278,000 after acquiring an additional 3,651 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Syndax Pharmaceuticals by 7.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 161,323 shares of the company's stock valued at $3,527,000 after acquiring an additional 11,526 shares during the period.

Syndax Pharmaceuticals Stock Performance

Shares of Syndax Pharmaceuticals stock opened at $20.78 on Thursday. The firm's 50-day moving average is $20.95 and its 200 day moving average is $21.25. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -8.28 and a beta of 0.37. Syndax Pharmaceuticals, Inc. has a 1 year low of $12.99 and a 1 year high of $25.59. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.10). The company had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The firm's revenue for the quarter was up 91.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.83) earnings per share. Sell-side analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, 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 value of $617,040.00. Following the completion of the transaction, the chief marketing officer directly owned 60,885 shares in the company, valued at $1,095,930. This represents a 36.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction on Wednesday, July 8th. The stock was 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 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 97,890 shares of company stock worth $1,968,413. Insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on SNDX shares. UBS Group lowered their price target on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating on the stock in a report on Friday, August 21st. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. HC Wainwright cut their price target on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.55.

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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