Syndax Pharmaceuticals, Inc. $SNDX Shares Bought by Palo Alto Investors LP

Key Points

• Palo Alto Investors LP increased its stake in Syndax Pharmaceuticals by 9.7% in the 1st quarter, now owning 444,367 shares valued at approximately $5.46 million.
• Analysts have set varying price targets for Syndax Pharmaceuticals, with BTIG Research raising the target from $43.00 to $56.00 and Citigroup from $46.00 to $51.00, all while maintaining a general consensus rating of "Buy".
• Syndax Pharmaceuticals reported a quarterly revenue of $37.96 million, significantly exceeding analysts' expectations, representing a year-over-year growth of 984.5%.

Palo Alto Investors LP increased its holdings in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 444,367 shares of the company's stock after purchasing an additional 39,174 shares during the period. Syndax Pharmaceuticals makes up 1.0% of Palo Alto Investors LP's holdings, making the stock its 20th biggest position. Palo Alto Investors LP owned approximately 0.52% of Syndax Pharmaceuticals worth $5,459,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Citigroup lifted 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. The Goldman Sachs Group lifted their price target on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Friday. UBS Group reduced their price target 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. BTIG Research lifted their price target on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Guggenheim assumed coverage on Syndax Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $34.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Syndax Pharmaceuticals presently has an average rating of "Buy" and an average price target of $38.89.

Insider Activity

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

Syndax Pharmaceuticals Trading Up 5.3%

SNDX traded up $0.85 during trading hours on Friday, reaching $17.04. The company's stock had a trading volume of 2,730,033 shares, compared to its average volume of 2,275,109. Syndax Pharmaceuticals, Inc. has a fifty-two week low of $8.58 and a fifty-two week high of $22.50. The stock has a market cap of $1.47 billion, a PE ratio of -4.38 and a beta of 0.72. The business's 50-day moving average is $12.22 and its 200-day moving average is $12.03. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported ($0.83) 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 for the quarter, compared to analysts' expectations of $26.64 million. During the same period in the prior year, the firm posted ($0.80) earnings per share. The firm's quarterly revenue was up 984.5% on a year-over-year basis. As a group, equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

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).