Wellington Management Group LLP Sells 4,198,493 Shares of Syndax Pharmaceuticals, Inc. $SNDX

Wellington Management Group LLP lowered its position in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) by 99.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,962 shares of the company's stock after selling 4,198,493 shares during the period. Wellington Management Group LLP's holdings in Syndax Pharmaceuticals were worth $442,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Algert Global LLC lifted its stake in Syndax Pharmaceuticals by 12.6% during the first quarter. Algert Global LLC now owns 884,600 shares of the company's stock worth $10,867,000 after purchasing an additional 98,968 shares during the last quarter. Aberdeen Group plc lifted its stake in Syndax Pharmaceuticals by 33.3% during the first quarter. Aberdeen Group plc now owns 132,433 shares of the company's stock worth $1,627,000 after purchasing an additional 33,093 shares during the last quarter. E Fund Management Co. Ltd. lifted its stake in Syndax Pharmaceuticals by 27.2% during the first quarter. E Fund Management Co. Ltd. now owns 16,031 shares of the company's stock worth $197,000 after purchasing an additional 3,428 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Syndax Pharmaceuticals by 305.3% during the first quarter. Russell Investments Group Ltd. now owns 117,613 shares of the company's stock worth $1,445,000 after purchasing an additional 88,591 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Syndax Pharmaceuticals during the first quarter worth about $2,754,000.

Syndax Pharmaceuticals Trading Up 5.3%

NASDAQ:SNDX traded up $0.85 during mid-day trading on Friday, reaching $17.04. 2,730,033 shares of the company's stock traded hands, compared to its average volume of 2,275,109. Syndax Pharmaceuticals, Inc. has a 12-month low of $8.58 and a 12-month high of $22.50. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -4.38 and a beta of 0.72. 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 company has a 50 day moving average price of $12.22 and a 200-day moving average price of $12.01.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced 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 company had revenue of $37.96 million for the quarter, compared to the consensus estimate of $26.64 million. During the same quarter in the previous year, the business earned ($0.80) EPS. Syndax Pharmaceuticals's revenue was up 984.5% compared to the same quarter last year. On average, sell-side analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael A. Metzger sold 7,534 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total value of $69,990.86. Following the sale, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $2,774,560.69. The trade was a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 completion of the sale, the director directly owned 191,763 shares in the company, valued at approximately $3,037,525.92. This represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,230 shares of company stock worth $684,527 in the last quarter. Company insiders own 4.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SNDX shares. Guggenheim began coverage on Syndax Pharmaceuticals in a research note on Thursday. They set a "buy" rating and a $34.00 price target for the company. B. Riley upgraded Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. BTIG Research lifted their price objective on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Citigroup lifted their price objective on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, The Goldman Sachs Group lifted their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday. 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, the stock presently has an average rating of "Buy" and a consensus price target of $38.89.

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).