Point72 Europe London LLP Acquires Shares of 184,683 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 stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNDX. Dimensional Fund Advisors LP raised its position in Syndax Pharmaceuticals by 594.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 331,300 shares of the company's stock valued at $4,378,000 after purchasing an additional 283,577 shares during the period. MetLife Investment Management LLC raised its position in Syndax Pharmaceuticals by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 50,515 shares of the company's stock valued at $668,000 after purchasing an additional 2,961 shares during the period. Tower Research Capital LLC TRC raised its position in Syndax Pharmaceuticals by 179.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 18,190 shares of the company's stock valued at $240,000 after purchasing an additional 11,681 shares during the period. Stifel Financial Corp raised its position in Syndax Pharmaceuticals by 120.8% in the fourth quarter. Stifel Financial Corp now owns 37,475 shares of the company's stock valued at $495,000 after purchasing an additional 20,499 shares during the period. Finally, Hsbc Holdings PLC raised its position in Syndax Pharmaceuticals by 15.3% in the fourth quarter. Hsbc Holdings PLC now owns 50,747 shares of the company's stock valued at $656,000 after purchasing an additional 6,741 shares during the period.

Syndax Pharmaceuticals Stock Up 5.3%

NASDAQ:SNDX traded up $0.85 during trading hours on Friday, hitting $17.04. The company's stock had a trading volume of 2,730,033 shares, compared to its average volume of 2,275,109. The stock has a market capitalization of $1.47 billion, a P/E ratio of -4.38 and a beta of 0.72. The stock has a fifty day moving average of $12.22 and a 200-day moving average of $12.03. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06. Syndax Pharmaceuticals, Inc. has a 52-week low of $8.58 and a 52-week high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.01) by $0.18. The firm had revenue of $37.96 million for the quarter, compared to analyst estimates of $26.64 million. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.Syndax Pharmaceuticals's revenue for the quarter was up 984.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.80) earnings per share. On average, equities analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNDX. B. Riley raised Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group upped their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday. Guggenheim initiated coverage on Syndax Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $34.00 price objective on the stock. BTIG Research upped their price objective on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, UBS Group cut their price objective on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of "Buy" and an average price target of $38.89.

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).