Insider Selling: Syndax Pharmaceuticals (NASDAQ:SNDX) CEO Sells 157,307 Shares of Stock

Key Points

• Syndax Pharmaceuticals CEO Michael Metzger sold 157,307 shares at an average price of $16.41, reducing his ownership by 34.50% to approximately $4.9 million.
• The company reported a significant revenue increase of 984.5% year-over-year, with earnings per share at ($0.83), surpassing analysts' expectations.
• Syndax's stock recently experienced a 4.2% decline, closing at $16.33, while institutional investors have been actively adjusting their stakes in the company.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) CEO Michael Metzger sold 157,307 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer directly owned 298,661 shares in the company, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Syndax Pharmaceuticals Stock Down 4.2%

SNDX traded down $0.71 during trading on Monday, reaching $16.33. The stock had a trading volume of 1,473,722 shares, compared to its average volume of 2,268,907. The stock has a 50 day moving average of $12.35 and a two-hundred day moving average of $11.98. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. Syndax Pharmaceuticals, Inc. has a 1-year low of $8.58 and a 1-year high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping 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. The company's quarterly revenue was up 984.5% compared to the same quarter last year. Equities analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently modified their holdings of SNDX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Syndax Pharmaceuticals by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock valued at $706,000 after buying an additional 1,811 shares during the last quarter. Quarry LP bought a new stake in Syndax Pharmaceuticals during the first quarter valued at about $25,000. Teacher Retirement System of Texas grew its position in shares of Syndax Pharmaceuticals by 11.9% in the second quarter. Teacher Retirement System of Texas now owns 23,132 shares of the company's stock valued at $217,000 after purchasing an additional 2,458 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Syndax Pharmaceuticals by 5.9% in the second quarter. The Manufacturers Life Insurance Company now owns 44,149 shares of the company's stock worth $413,000 after purchasing an additional 2,479 shares during the period. Finally, DAFNA Capital Management LLC lifted its position in shares of Syndax Pharmaceuticals by 0.5% during the 1st quarter. DAFNA Capital Management LLC now owns 544,502 shares of the company's stock worth $6,689,000 after purchasing an additional 2,500 shares during the last quarter.

Wall Street Analyst Weigh In

SNDX has been the topic of several recent research reports. Citigroup lifted their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. BTIG Research lifted their price target on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. B. Riley upgraded Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. UBS Group reduced their price objective on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Finally, The Goldman Sachs Group lifted their target price on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $38.89.

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).

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