Polar Asset Management Partners Inc. Has $1.31 Million Holdings in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Polar Asset Management Partners Inc. increased its stake in Syndax Pharmaceuticals by 25.4%, acquiring an additional 21,630 shares, bringing its total to 106,628 shares valued at approximately $1.31 million.
• Syndax Pharmaceuticals reported better-than-expected earnings for the quarter, with an EPS of -$0.83 against a consensus estimate of -$1.01 and revenue of $37.96 million, significantly exceeding expectations.
• Several analysts have upgraded their price target on Syndax Pharmaceuticals, with Goldman Sachs raising it from $20 to $24 and BTIG Research from $43 to $56, reflecting a generally favorable outlook on the stock.

Polar Asset Management Partners Inc. boosted its stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 25.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,628 shares of the company's stock after buying an additional 21,630 shares during the period. Polar Asset Management Partners Inc. owned 0.12% of Syndax Pharmaceuticals worth $1,310,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SNDX. Soleus Capital Management L.P. increased its position in Syndax Pharmaceuticals by 128.4% in the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock worth $32,944,000 after buying an additional 1,401,016 shares during the period. Octagon Capital Advisors LP acquired a new stake in Syndax Pharmaceuticals in the fourth quarter worth $11,951,000. Cubist Systematic Strategies LLC acquired a new position in shares of Syndax Pharmaceuticals during the fourth quarter valued at $4,734,000. Sphera Funds Management LTD. increased its holdings in shares of Syndax Pharmaceuticals by 33.5% during the fourth quarter. Sphera Funds Management LTD. now owns 1,381,241 shares of the company's stock valued at $18,260,000 after purchasing an additional 346,395 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Syndax Pharmaceuticals by 478.8% during the first quarter. AQR Capital Management LLC now owns 377,444 shares of the company's stock valued at $4,637,000 after purchasing an additional 312,231 shares during the period.

Syndax Pharmaceuticals Price Performance

NASDAQ:SNDX traded down $0.49 during mid-day trading on Friday, reaching $15.88. 540,754 shares of the stock were exchanged, compared to its average volume of 2,222,372. The business has a fifty day moving average price of $12.77 and a 200 day moving average price of $12.04. The firm has a market capitalization of $1.37 billion, a PE ratio of -4.09 and a beta of 0.72. Syndax Pharmaceuticals, Inc. has a 1-year low of $8.58 and a 1-year high of $22.50. 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 (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, topping analysts' consensus estimates of ($1.01) by $0.18. The firm had revenue of $37.96 million for the quarter, compared to analysts' expectations 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 was up 984.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.80) EPS. Research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SNDX shares. Guggenheim started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $34.00 price objective for the company. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. The Goldman Sachs Group upped their price objective on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Stifel Nicolaus started coverage on shares of Syndax Pharmaceuticals in a report on Wednesday. They issued a "buy" rating and a $44.00 price objective for the company. Finally, Citigroup upped their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Syndax Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $39.22.

Insider Activity

In other Syndax Pharmaceuticals news, Director Dennis Podlesak sold 19,200 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.84, for a total transaction of $304,128.00. Following the sale, the director owned 191,763 shares in the company, valued at approximately $3,037,525.92. The trade was a 9.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael A. Metzger sold 157,307 shares of the business's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the sale, the chief executive officer owned 298,661 shares in the company, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,537 shares of company stock worth $3,265,935. Corporate insiders own 4.10% of the company's stock.

Syndax Pharmaceuticals Profile

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).