213,159 Shares in Syndax Pharmaceuticals, Inc. $SNDX Acquired by Zimmer Partners LP

Key Points

• Zimmer Partners LP purchased 213,159 shares of Syndax Pharmaceuticals, totaling approximately $2.62 million, increasing its stake to about 0.25% of the company.
• Analysts have issued various ratings on Syndax Pharmaceuticals, with a consensus target price of $38.89 and several upgrades including a "strong-buy" rating from B. Riley.
• Syndax Pharmaceuticals reported last quarter earnings of ($0.83) EPS, beating expectations and achieving a 984.5% increase in revenue compared to the same quarter the previous year.

Zimmer Partners LP acquired a new stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 213,159 shares of the company's stock, valued at approximately $2,619,000. Zimmer Partners LP owned approximately 0.25% of Syndax Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Soleus Capital Management L.P. increased its holdings in shares of Syndax Pharmaceuticals by 128.4% during the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock valued at $32,944,000 after acquiring an additional 1,401,016 shares in the last quarter. Sphera Funds Management LTD. grew its stake in Syndax Pharmaceuticals by 33.5% in the 4th 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 period. Octagon Capital Advisors LP bought a new position in Syndax Pharmaceuticals in the 4th quarter valued at $11,951,000. Algert Global LLC lifted its position in shares of Syndax Pharmaceuticals by 12.6% during the 1st quarter. Algert Global LLC now owns 884,600 shares of the company's stock valued at $10,867,000 after buying an additional 98,968 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Syndax Pharmaceuticals by 7.5% during the 4th quarter. Northern Trust Corp now owns 792,750 shares of the company's stock valued at $10,480,000 after buying an additional 55,144 shares during the last quarter.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ:SNDX traded down $0.82 on Friday, hitting $15.55. The company's stock had a trading volume of 1,706,985 shares, compared to its average volume of 2,049,696. The company has a 50-day simple moving average of $12.90 and a 200 day simple moving average of $12.02. Syndax Pharmaceuticals, Inc. has a 1 year low of $8.58 and a 1 year high of $22.50. The company has a market capitalization of $1.34 billion, a PE ratio of -4.00 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.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm posted ($0.80) EPS. The company's revenue was up 984.5% compared to the same quarter last year. Sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SNDX has been the topic of a number of recent research reports. Guggenheim initiated coverage on Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $34.00 price target on the stock. Citigroup upped 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. BTIG Research increased 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. The Goldman Sachs Group increased their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Finally, Stifel Nicolaus initiated coverage on Syndax Pharmaceuticals in a report on Wednesday. They set a "buy" rating and a $44.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $39.22.

Insider Activity

In other news, Director Dennis Podlesak sold 19,200 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.84, for a total transaction of $304,128.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $16.41, for a total value of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares in the company, valued at $4,901,027.01. This trade represents a 34.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 204,537 shares of company stock worth $3,265,935. Insiders own 4.10% of the company's stock.

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).