Syndax Pharmaceuticals, Inc. $SNDX Shares Bought by Parkman Healthcare Partners LLC

Key Points

• Parkman Healthcare Partners LLC increased their stake in Syndax Pharmaceuticals by 12.9%, owning approximately 0.69% of the company, valued at about $7.31 million.
• Syndax Pharmaceuticals reported earnings of ($0.83) per share, exceeding analysts' expectations, with a revenue of $37.96 million for the quarter, reflecting a year-over-year growth of 984.5%.
• Several analysts have upgraded their price targets for SNDX, with Citigroup raising it to $51.00 and BTIG Research to $56.00, indicating strong expectations for future performance.

Parkman Healthcare Partners LLC lifted its position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 12.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 594,987 shares of the company's stock after purchasing an additional 68,014 shares during the quarter. Parkman Healthcare Partners LLC owned 0.69% of Syndax Pharmaceuticals worth $7,309,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SNDX. Soleus Capital Management L.P. grew its stake in shares of Syndax Pharmaceuticals by 128.4% during the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock worth $32,944,000 after acquiring an additional 1,401,016 shares in the last quarter. Sphera Funds Management LTD. increased its holdings in shares of Syndax Pharmaceuticals by 33.5% in 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 last quarter. Granahan Investment Management LLC increased its position in Syndax Pharmaceuticals by 36.2% during the 4th quarter. Granahan Investment Management LLC now owns 905,322 shares of the company's stock worth $11,968,000 after buying an additional 240,557 shares during the period. Octagon Capital Advisors LP acquired a new stake in Syndax Pharmaceuticals during the fourth quarter worth approximately $11,951,000. Finally, Algert Global LLC raised its stake in Syndax Pharmaceuticals by 12.6% in the first quarter. Algert Global LLC now owns 884,600 shares of the company's stock valued at $10,867,000 after purchasing an additional 98,968 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNDX. UBS Group dropped their target price on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. BTIG Research lifted their price target on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Citigroup lifted their target price on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, The Goldman Sachs Group upped their target price on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a report on Friday, September 5th. One equities 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 stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $39.22.

Syndax Pharmaceuticals Trading Up 4.1%

SNDX traded up $0.64 during midday trading on Thursday, reaching $16.37. 1,872,088 shares of the company's stock traded hands, compared to its average volume of 2,232,025. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -4.21 and a beta of 0.72. The firm has a fifty day moving average of $12.63 and a two-hundred day moving average of $12.03. 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.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results 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 net margin of 428.48% and a negative return on equity of 130.47%. The firm had revenue of $37.96 million for the quarter, compared to analysts' expectations of $26.64 million. During the same quarter in the previous year, the business posted ($0.80) EPS. The company's quarterly revenue was up 984.5% on a year-over-year basis. On average, equities analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the completion of the transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at approximately $4,901,027.01. This represents a 34.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis Podlesak sold 19,200 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the sale, the director directly owned 191,763 shares in the company, valued at $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 204,537 shares of company stock valued at $3,265,935. 4.10% of the stock is currently owned by corporate insiders.

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).