Algert Global LLC Raises Position in Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Algert Global LLC increased its stake in Syndax Pharmaceuticals by 12.6% in Q1, now owning approximately 1.03% of the company worth $10.87 million.
• Syndax Pharmaceuticals reported significantly improved earnings, with revenue jumping 984.5% year-over-year and better-than-expected EPS of ($0.83), surpassing estimates.
• Analysts have raised their target prices for Syndax Pharmaceuticals, with BTIG Research increasing its target from $43 to $56 and several firms issuing strong buy ratings.

Algert Global LLC grew its stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 12.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 884,600 shares of the company's stock after buying an additional 98,968 shares during the period. Algert Global LLC owned 1.03% of Syndax Pharmaceuticals worth $10,867,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SNDX. Wells Fargo & Company MN increased its position in Syndax Pharmaceuticals by 37.6% during the fourth quarter. Wells Fargo & Company MN now owns 42,117 shares of the company's stock worth $557,000 after buying an additional 11,498 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Syndax Pharmaceuticals by 114.8% in the fourth quarter. Russell Investments Group Ltd. now owns 29,022 shares of the company's stock valued at $384,000 after purchasing an additional 15,508 shares during the period. Barclays PLC grew its position in shares of Syndax Pharmaceuticals by 4.5% in the fourth quarter. Barclays PLC now owns 196,051 shares of the company's stock valued at $2,592,000 after purchasing an additional 8,422 shares during the period. Guggenheim Capital LLC purchased a new stake in shares of Syndax Pharmaceuticals in the fourth quarter valued at $157,000. Finally, Jump Financial LLC grew its position in shares of Syndax Pharmaceuticals by 80.8% in the fourth quarter. Jump Financial LLC now owns 173,890 shares of the company's stock valued at $2,299,000 after purchasing an additional 77,699 shares during the period.

Insider Activity

In other news, CEO Michael A. Metzger sold 7,534 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total value of $69,990.86. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dennis Podlesak sold 19,200 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the sale, the director directly owned 191,763 shares of the company's stock, valued at $3,037,525.92. The trade was a 9.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,230 shares of company stock valued at $684,527 in the last ninety days. Company insiders own 4.10% of the company's stock.

Syndax Pharmaceuticals Trading Up 2.2%

SNDX stock traded up $0.34 during trading on Wednesday, reaching $15.74. 2,168,360 shares of the stock traded hands, compared to its average volume of 2,255,049. The business's 50 day moving average price is $10.53 and its 200-day moving average price is $11.90. Syndax Pharmaceuticals, Inc. has a 52-week low of $8.58 and a 52-week high of $22.50. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55. The firm has a market capitalization of $1.36 billion, a PE ratio of -4.05 and a beta of 0.74.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNDX. B. Riley raised Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. Scotiabank lifted their price objective on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a research report on Tuesday, May 6th. UBS Group lowered their price objective on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Finally, Citigroup boosted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $38.00.

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).