Syndax Pharmaceuticals, Inc. $SNDX Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its Syndax Pharmaceuticals stake by 141% in the first quarter, acquiring 194,036 additional shares and ending with 331,665 shares worth approximately $7.75 million.
• Analyst sentiment remains broadly positive: 12 analysts rate SNDX Strong Buy or Buy, while one rates it Sell. The stock has an average “Moderate Buy” rating and a consensus price target of $42.55.
• SNDX opened at $19.22, below its 12-month high of $25.59. Although quarterly EPS beat estimates and revenue rose 224.3% year over year, the company remains unprofitable, and insiders sold roughly $2.12 million of stock over the past 90 days.

Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 141.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 331,665 shares of the company's stock after purchasing an additional 194,036 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.37% of Syndax Pharmaceuticals worth $7,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SNDX. Palumbo Wealth Management LLC acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter valued at about $1,079,000. Torray Investment Partners LLC purchased a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth about $2,055,000. SG Americas Securities LLC boosted its position 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 acquiring an additional 83,801 shares during the last quarter. Eventide Asset Management LLC boosted its position in shares of Syndax Pharmaceuticals by 25.3% in the fourth quarter. Eventide Asset Management LLC now owns 1,238,196 shares of the company's stock worth $26,014,000 after acquiring an additional 249,710 shares during the last quarter. Finally, Voss Capital LP purchased a new stake in Syndax Pharmaceuticals in the fourth quarter valued at approximately $2,626,000.

Analysts Set New Price Targets

SNDX has been the topic of several research reports. UBS Group reaffirmed a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. HC Wainwright reissued a "buy" rating and set a $40.00 price target on shares of Syndax Pharmaceuticals in a research report on Wednesday, July 15th. Barclays upped their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. The Goldman Sachs Group lifted their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings cut Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $42.55.

Syndax Pharmaceuticals Stock Down 2.1%

Shares of Syndax Pharmaceuticals stock opened at $19.22 on Thursday. Syndax Pharmaceuticals, Inc. has a twelve month low of $9.49 and a twelve month high of $25.59. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -6.89 and a beta of 0.37. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26. The company has a fifty day moving average price of $20.46 and a 200 day moving average price of $21.43.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.11. The company had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The firm's revenue was up 224.3% compared to the same quarter last year. During the same period last year, the company posted ($0.98) earnings per share. Equities research analysts forecast that Syndax Pharmaceuticals, Inc. will post -1.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Nicholas A.J. Botwood sold 31,235 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $18.14, for a total transaction of $566,602.90. Following the transaction, the chief marketing officer directly owned 60,885 shares of the company's stock, valued at approximately $1,104,453.90. The trade was a 33.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael A. Metzger sold 32,375 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the transaction, the chief executive officer owned 484,843 shares of the company's stock, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 105,914 shares of company stock valued at $2,120,789 in the last ninety days. Company insiders own 4.80% of the company's stock.

About Syndax Pharmaceuticals

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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