Rhenman & Partners Asset Management AB Sells 87,000 Shares of Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Rhenman & Partners Asset Management cut its stake in Syndax Pharmaceuticals by 15.2% in the fourth quarter, selling 87,000 shares and leaving it with 487,000 shares valued at about $10.2 million.
• Insider selling picked up, with CMO Nicholas A.J. Botwood and CEO Michael A. Metzger both selling shares recently; insiders sold a total of 73,539 shares worth about $1.34 million last quarter.
• Syndax beat earnings estimates in its latest quarter, reporting a smaller-than-expected loss of $0.48 per share, though revenue came in below forecasts and analysts still expect a full-year loss.

Rhenman & Partners Asset Management AB decreased its holdings in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 15.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 487,000 shares of the company's stock after selling 87,000 shares during the period. Rhenman & Partners Asset Management AB owned approximately 0.56% of Syndax Pharmaceuticals worth $10,232,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SNDX. Palumbo Wealth Management LLC bought a new stake in Syndax Pharmaceuticals during the fourth quarter worth about $1,079,000. Apis Capital Advisors LLC purchased a new position in shares of Syndax Pharmaceuticals in the third quarter worth about $9,816,000. Torray Investment Partners LLC purchased a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth about $2,055,000. Vanguard Group Inc. increased its holdings in shares of Syndax Pharmaceuticals by 2.1% in the third quarter. Vanguard Group Inc. now owns 5,138,617 shares of the company's stock worth $79,058,000 after buying an additional 104,683 shares during the period. Finally, 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 buying an additional 83,801 shares during the period.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, 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 in the company, valued at approximately $1,095,930. This represents a 36.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael A. Metzger sold 6,847 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the transaction, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. This trade represents a 1.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 73,539 shares of company stock worth $1,336,019 in the last quarter. Company insiders own 4.10% of the company's stock.

Syndax Pharmaceuticals Stock Up 1.9%

Shares of NASDAQ:SNDX opened at $18.25 on Friday. Syndax Pharmaceuticals, Inc. has a 1 year low of $8.59 and a 1 year high of $25.59. The company has a market cap of $1.62 billion, a PE ratio of -6.54 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06. The stock's 50-day moving average is $21.06 and its 200 day moving average is $21.22.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The firm had revenue of $64.86 million for the quarter, compared to the consensus estimate of $69.76 million. During the same quarter in the prior year, the business earned ($0.98) EPS. The business's revenue for the quarter was up 224.3% on a year-over-year basis. Sell-side analysts anticipate that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SNDX shares. Wall Street Zen upgraded Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Barclays lifted their price objective on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price objective on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an "overweight" rating in a report on Monday, March 9th. Finally, The Goldman Sachs Group lifted their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.55.

Syndax Pharmaceuticals Profile

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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