Parkman Healthcare Partners LLC Purchases New Shares in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Parkman Healthcare Partners acquired 877,256 Syndax Pharmaceuticals shares worth approximately $19.2 million, making the position about 2% of its portfolio and representing roughly 0.99% of Syndax’s outstanding stock. Other institutional investors also increased or initiated positions.
• Syndax shares opened at $19.57, while the company reported a quarterly loss of $0.55 per share versus analysts’ expected loss of $0.45. Revenue rose 91.8% year over year to $72.79 million but fell short of estimates.
• Analysts remain broadly positive, with 12 Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $41.55. However, company insiders sold 105,914 shares worth about $2.1 million over the last three months.

Parkman Healthcare Partners LLC purchased a new position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 877,256 shares of the company's stock, valued at approximately $19,177,000. Syndax Pharmaceuticals accounts for about 2.0% of Parkman Healthcare Partners LLC's portfolio, making the stock its 19th biggest holding. Parkman Healthcare Partners LLC owned about 0.99% of Syndax Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of SNDX. Orbimed Advisors LLC bought a new stake in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $22,479,000. Eventide Asset Management LLC increased its stake in 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 increased its stake in 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 during the period. Hennion & Walsh Asset Management Inc. increased its stake in Syndax Pharmaceuticals by 59.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 342,883 shares of the company's stock worth $7,495,000 after acquiring an additional 128,076 shares during the period. Finally, Voss Capital LP acquired a new position in Syndax Pharmaceuticals in the 4th quarter valued at $2,626,000.

Syndax Pharmaceuticals Stock Down 0.4%

Shares of SNDX opened at $19.57 on Tuesday. Syndax Pharmaceuticals, Inc. has a one year low of $12.99 and a one year high of $25.59. The company has a market cap of $1.73 billion, a P/E ratio of -7.80 and a beta of 0.40. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. The firm has a 50 day simple moving average of $20.85 and a two-hundred day simple moving average of $21.30.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $72.79 million during the quarter, compared to analyst estimates of $79.36 million. During the same period in the prior year, the business posted ($0.83) EPS. The company's revenue for the quarter was up 91.8% compared to the same quarter last year. Research analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals 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 approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 stock was sold at an average price of $18.00, for a total transaction of $617,040.00. Following the transaction, the chief marketing officer owned 60,885 shares of the company's stock, valued at approximately $1,095,930. This 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 three months. Company insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNDX. Barclays upped their target price on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. HC Wainwright decreased their price target on Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Bank of America reaffirmed a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. JPMorgan Chase & Co. cut their price objective on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating for the company in a research report on Tuesday, August 11th. Finally, UBS Group reduced their price objective on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating on the stock in a research note on Friday. Twelve analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus 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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