Point72 Europe London LLP Acquires New Shares in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Point72 Europe London LLP has acquired a new stake in Syndax Pharmaceuticals, purchasing 184,683 shares valued at approximately $2.27 million, representing about 0.21% ownership in the company.
• Insiders, including Director Dennis Podlesak and CEO Michael A. Metzger, have sold significant amounts of their shares recently, leading to a decrease in their individual ownership stakes.
• Syndax Pharmaceuticals reported a 984.5% year-over-year revenue increase for the quarter, with earnings of $37.96 million, surpassing analysts' expectations.

Point72 Europe London LLP bought a new position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 184,683 shares of the company's stock, valued at approximately $2,269,000. Point72 Europe London LLP owned 0.21% of Syndax Pharmaceuticals at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Soleus Capital Management L.P. boosted its holdings in Syndax Pharmaceuticals by 128.4% during the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock worth $32,944,000 after purchasing an additional 1,401,016 shares during the last quarter. Sphera Funds Management LTD. boosted its stake in shares of Syndax Pharmaceuticals by 33.5% during the 4th quarter. Sphera Funds Management LTD. now owns 1,381,241 shares of the company's stock worth $18,260,000 after buying an additional 346,395 shares during the last quarter. Granahan Investment Management LLC grew its holdings in shares of Syndax Pharmaceuticals by 36.2% in the 4th quarter. Granahan Investment Management LLC now owns 905,322 shares of the company's stock valued at $11,968,000 after acquiring an additional 240,557 shares in the last quarter. Octagon Capital Advisors LP acquired a new stake in shares of Syndax Pharmaceuticals in the fourth quarter valued at about $11,951,000. Finally, Algert Global LLC grew its stake in Syndax Pharmaceuticals by 12.6% in the first quarter. Algert Global LLC now owns 884,600 shares of the company's stock valued at $10,867,000 after purchasing an additional 98,968 shares in the last quarter.

Insider Activity

In related news, CEO Michael A. Metzger sold 7,534 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $9.29, for a total value of $69,990.86. Following the transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $2,774,560.69. This trade represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dennis Podlesak sold 19,200 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the transaction, the director owned 191,763 shares of the company's stock, valued at approximately $3,037,525.92. This represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,230 shares of company stock valued at $684,527 in the last ninety days. 4.10% of the stock is currently owned by company insiders.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX traded up $0.01 during mid-day trading on Wednesday, reaching $16.13. 1,997,915 shares of the company's stock were exchanged, compared to its average volume of 2,870,207. Syndax Pharmaceuticals, Inc. has a one year low of $8.58 and a one year high of $22.50. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. The business's fifty day simple moving average is $11.92 and its two-hundred day simple moving average is $12.00. The firm has a market capitalization of $1.39 billion, a PE ratio of -4.15 and a beta of 0.72.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.01) by $0.18. The company had revenue of $37.96 million for the quarter, compared to analysts' expectations of $26.64 million. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The business's revenue for the quarter was up 984.5% on a year-over-year basis. During the same period last year, the firm earned ($0.80) earnings per share. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SNDX has been the subject of several analyst reports. BTIG Research raised their target price on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. UBS Group lowered their price objective on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Citigroup lifted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Guggenheim restated a "buy" rating and issued a $32.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $18.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Syndax Pharmaceuticals presently has a consensus rating of "Buy" and a consensus target price of $38.00.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).