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 A. Metzger sold 157,307 shares of the business's 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 transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $4,901,027.01. This trade represents a 34.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Syndax Pharmaceuticals Price Performance

Shares of Syndax Pharmaceuticals stock traded down $0.82 during trading on Friday, reaching $15.55. 1,706,985 shares of the company's stock were exchanged, compared to its average volume of 2,049,696. 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. The company has a market cap of $1.34 billion, a P/E ratio of -4.00 and a beta of 0.72. The firm's 50-day moving average price is $12.90 and its 200 day moving average price is $12.02.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $26.64 million. During the same quarter in the previous year, the firm earned ($0.80) EPS. Syndax Pharmaceuticals's revenue was up 984.5% on a year-over-year basis. As a group, research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently added to or reduced their stakes in SNDX. Dimensional Fund Advisors LP lifted its holdings in shares of Syndax Pharmaceuticals by 594.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 331,300 shares of the company's stock valued at $4,378,000 after purchasing an additional 283,577 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Syndax Pharmaceuticals by 120.8% in the fourth quarter. Stifel Financial Corp now owns 37,475 shares of the company's stock valued at $495,000 after buying an additional 20,499 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Syndax Pharmaceuticals by 16.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 57,019 shares of the company's stock valued at $754,000 after buying an additional 8,092 shares during the period. Northern Trust Corp raised its stake 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 purchasing an additional 55,144 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Syndax Pharmaceuticals by 1,128.7% during the 4th quarter. BNP Paribas Financial Markets now owns 259,245 shares of the company's stock valued at $3,427,000 after purchasing an additional 238,146 shares during the period.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BTIG Research upped their target price on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Guggenheim started coverage on Syndax Pharmaceuticals in a report on Thursday, September 4th. They issued a "buy" rating and a $34.00 target price for the company. Citigroup increased their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Stifel Nicolaus started coverage on Syndax Pharmaceuticals in a research note on Wednesday. They issued a "buy" rating and a $44.00 price target for the company. Finally, The Goldman Sachs Group increased their price target on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $39.22.

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).