HC Wainwright Has Lowered Expectations for Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price

Key Points

• HC Wainwright lowered Syndax Pharmaceuticals’ price target from $40 to $38 but maintained a “Buy” rating, implying roughly 99% upside from the stock’s $19.08 close. Analysts overall assign the shares a “Moderate Buy” consensus rating with a $42.36 target.
• Syndax reported a quarterly loss of $0.55 per share, worse than the $0.45 consensus estimate, while revenue of $72.79 million also fell short of expectations. Revenue nevertheless increased 91.8% year over year.
• Company insiders have sold 105,914 shares worth approximately $2.12 million over the past 90 days, including sales by the CEO and chief marketing officer. Institutional investors, meanwhile, generally increased their positions in the company.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) had its target price cut by stock analysts at HC Wainwright from $40.00 to $38.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 99.16% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on the company. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday. Weiss Ratings cut shares of Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. Finally, Barclays lifted their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $42.36.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX opened at $19.08 on Wednesday. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26. Syndax Pharmaceuticals has a 52-week low of $11.91 and a 52-week high of $25.59. The company has a 50-day simple moving average of $20.40 and a 200-day simple moving average of $21.38. The company has a market capitalization of $1.69 billion, a PE ratio of -6.84 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The company had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. During the same period in the prior year, the firm posted ($0.83) EPS. The firm's quarterly revenue was up 91.8% on a year-over-year basis. Equities research analysts predict that Syndax Pharmaceuticals will post -1.65 earnings per share for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other news, CMO Nicholas A.J. Botwood sold 34,280 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the transaction, the chief marketing officer directly owned 60,885 shares in the company, valued at $1,095,930. This represents a 36.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the transaction, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 105,914 shares of company stock valued at $2,120,789. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Large investors have recently made changes to their positions in the business. Hsbc Holdings PLC boosted its position in shares of Syndax Pharmaceuticals by 3.2% in the first quarter. Hsbc Holdings PLC now owns 23,461 shares of the company's stock worth $556,000 after buying an additional 730 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Syndax Pharmaceuticals by 26.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company's stock worth $89,000 after acquiring an additional 893 shares in the last quarter. Schroder Investment Management Group grew its position in Syndax Pharmaceuticals by 1.0% in the third quarter. Schroder Investment Management Group now owns 123,404 shares of the company's stock valued at $1,920,000 after acquiring an additional 1,241 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of Syndax Pharmaceuticals by 7.5% during the fourth quarter. Verition Fund Management LLC now owns 18,460 shares of the company's stock valued at $388,000 after purchasing an additional 1,281 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Syndax Pharmaceuticals by 9.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 17,562 shares of the company's stock worth $374,000 after purchasing an additional 1,455 shares in the last quarter.

Syndax Pharmaceuticals Company 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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