Voss Capital LP Buys Shares of 125,000 Syndax Pharmaceuticals, Inc. $SNDX

Key Points

• Voss Capital LP initiated a new position in Syndax Pharmaceuticals, buying 125,000 shares worth about $2.63 million in the fourth quarter, according to its latest SEC filing.
• Several large institutions also increased their stakes, including Vanguard, Goldman Sachs, and Bank of America, while Wall Street analysts currently rate the stock Moderate Buy with an average target price of $42.55.
• Syndax reported a narrower-than-expected quarterly loss of $0.48 per share and revenue of $64.86 million, up 224.3% year over year, even as insiders recently sold shares and the stock traded at $18.25.

Voss Capital LP bought a new stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 125,000 shares of the company's stock, valued at approximately $2,626,000. Voss Capital LP owned about 0.14% of Syndax Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SNDX. Vanguard Group Inc. lifted its stake in shares of Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock worth $130,899,000 after buying an additional 1,091,717 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Syndax Pharmaceuticals by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company's stock worth $119,660,000 after buying an additional 208,941 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Syndax Pharmaceuticals by 33.7% in the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock worth $35,951,000 after buying an additional 967,873 shares during the last quarter. Kingdon Capital Management L.L.C. lifted its stake in shares of Syndax Pharmaceuticals by 19.0% in the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company's stock worth $38,462,000 after buying an additional 400,000 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Syndax Pharmaceuticals by 1.3% in the fourth quarter. Franklin Resources Inc. now owns 2,421,666 shares of the company's stock worth $50,879,000 after buying an additional 31,105 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Friday. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Stifel Nicolaus set a $45.00 price objective on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. Citigroup boosted their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Finally, The Goldman Sachs Group upped their target price on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $42.55.

Syndax Pharmaceuticals Price Performance

NASDAQ:SNDX opened at $18.25 on Friday. The stock has a market cap of $1.62 billion, a P/E ratio of -6.54 and a beta of 0.38. Syndax Pharmaceuticals, Inc. has a one year low of $8.59 and a one year high of $25.59. The company has a fifty day moving average price of $21.06 and a 200 day moving average price of $21.22. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.11. The firm had revenue of $64.86 million during the quarter, compared to analysts' expectations of $69.76 million. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The business's quarterly revenue was up 224.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.98) EPS. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -1.66 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 6,847 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $18.99, for a total value of $130,024.53. Following the sale, the chief executive officer owned 484,843 shares of the company's stock, valued at $9,207,168.57. The trade was a 1.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the completion of the sale, the chief marketing officer directly owned 60,885 shares in the company, valued at $1,095,930. This trade represents a 36.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 73,539 shares of company stock valued at $1,336,019. Corporate insiders own 4.10% of the company's stock.

Syndax Pharmaceuticals Profile

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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