Palumbo Wealth Management LLC Invests $1.08 Million in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Palumbo Wealth Management purchased a new position of 51,368 shares in Syndax (about $1.08 million), representing roughly 0.06% of the company, while several other institutions (notably Hennion & Walsh) also significantly increased their holdings.
• In Q4 Syndax missed EPS expectations (reported ($0.78) vs. consensus ($0.64)) but posted revenue of $68.73 million—beating estimates and rising about 792.6% year-over-year.
• Wall Street sentiment is generally positive with a consensus rating of “Moderate Buy” and an average price target of $40.33, as multiple firms have recently raised their targets.

Palumbo Wealth Management LLC purchased a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,368 shares of the company's stock, valued at approximately $1,079,000. Palumbo Wealth Management LLC owned 0.06% of Syndax Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Syndax Pharmaceuticals by 9.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 17,562 shares of the company's stock worth $374,000 after purchasing an additional 1,455 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Syndax Pharmaceuticals by 236.0% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 183,802 shares of the company's stock worth $3,862,000 after purchasing an additional 129,104 shares during the period. Pallas Capital Advisors LLC increased its holdings in shares of Syndax Pharmaceuticals by 8.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 10,985 shares of the company's stock worth $231,000 after purchasing an additional 875 shares during the period. SG Americas Securities LLC increased its holdings in shares of Syndax Pharmaceuticals by 184.5% in the fourth quarter. SG Americas Securities LLC now owns 129,227 shares of the company's stock worth $2,715,000 after purchasing an additional 83,801 shares during the period. Finally, Diversified Trust Co. bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth $233,000.

Syndax Pharmaceuticals Stock Up 1.4%

SNDX opened at $24.64 on Wednesday. The stock has a market cap of $2.17 billion, a PE ratio of -7.49 and a beta of 0.41. The company has a quick ratio of 4.12, a current ratio of 4.40 and a debt-to-equity ratio of 5.32. Syndax Pharmaceuticals, Inc. has a 52 week low of $8.58 and a 52 week high of $25.59. The business's fifty day simple moving average is $22.29 and its 200 day simple moving average is $19.54.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) earnings per share for the quarter, missing analysts' consensus estimates of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The business had revenue of $68.73 million during the quarter, compared to the consensus estimate of $64.75 million. During the same quarter in the previous year, the firm posted ($1.10) earnings per share. The company's revenue was up 792.6% compared to the same quarter last year. As a group, research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 17,159 shares of the business's stock in a transaction on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the sale, the chief executive officer directly owned 491,690 shares of the company's stock, valued at $10,340,240.70. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith A. Goldan sold 3,410 shares of the company's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $21.03, for a total transaction of $71,712.30. Following the sale, the chief financial officer owned 140,429 shares of the company's stock, valued at approximately $2,953,221.87. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,063 shares of company stock worth $628,332. 4.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their price target on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, April 1st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a report on Monday, March 30th. Citigroup upped their price target on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. BTIG Research reaffirmed a "buy" rating and issued a $56.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Finally, Stifel Nicolaus set a $45.00 price target on shares of Syndax Pharmaceuticals in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.33.

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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