Syndax Pharmaceuticals (NASDAQ:SNDX) Now Covered by Guggenheim

Key Points

• Guggenheim initiated coverage on Syndax Pharmaceuticals, setting a "buy" rating and a price target of $34.00, indicating an upside potential of 110.79% from its current stock price.
• Other analysts have varying ratings for the stock, with a consensus rating of "Buy" and an average price target of $38.22, reflecting strong interest from research analysts.
• Syndax reported a significant year-over-year revenue increase of 984.5% in its most recent quarterly earnings, exceeding consensus estimates with $37.96 million in revenue.

Guggenheim assumed coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX - Free Report) in a report issued on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $34.00 target price on the stock.

Several other analysts also recently commented on SNDX. The Goldman Sachs Group initiated coverage on shares of Syndax Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $18.00 target price for the company. UBS Group decreased their price target on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 15th. Citigroup lifted their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. B. Riley upgraded shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. Finally, BTIG Research lifted their price target on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $38.89.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX stock traded down $0.49 during midday trading on Thursday, hitting $15.85. 591,375 shares of the company were exchanged, compared to its average volume of 2,233,664. The firm has a market capitalization of $1.36 billion, a P/E ratio of -4.07 and a beta of 0.72. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. The firm's 50 day moving average price is $12.35 and its two-hundred day moving average price is $11.98. Syndax Pharmaceuticals has a 52 week low of $8.58 and a 52 week high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate 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 company had revenue of $37.96 million during the quarter, compared to analysts' expectations of $26.64 million. During the same period in the previous year, the company earned ($0.80) EPS. The business's revenue for the quarter was up 984.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dennis Podlesak sold 19,200 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $15.84, for a total value of $304,128.00. Following the transaction, the director owned 191,763 shares in the company, valued at approximately $3,037,525.92. This represents a 9.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 204,537 shares of company stock valued at $3,265,935 over the last quarter. Corporate insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in Syndax Pharmaceuticals in the first quarter worth about $25,000. Lazard Asset Management LLC purchased a new position in Syndax Pharmaceuticals during the second quarter valued at approximately $66,000. Tower Research Capital LLC TRC increased its position in shares of Syndax Pharmaceuticals by 103.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock valued at $79,000 after buying an additional 4,308 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at approximately $97,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter worth approximately $103,000.

Syndax Pharmaceuticals Company Profile

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).