JPMorgan Chase & Co. Increases Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target to $45.00

Key Points

• JPMorgan Chase raised its price target on Syndax from $33 to $45 and kept an "overweight" rating, implying roughly an 85% upside from current levels.
• SNDX jumped about 10% to $24.28 after the report; the company posted Q4 revenue of $68.7M (up 792.6% YoY) but missed EPS estimates and remains unprofitable with negative margins and ROE.
• Corporate insiders have been selling shares recently (CEO sold 17,159; insiders sold 30,063 over 90 days), while large institutions such as Vanguard and Elmind initiated or increased sizable stakes.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) had its price objective increased by research analysts at JPMorgan Chase & Co. from $33.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 85.34% from the stock's current price.

A number of other analysts have also commented on SNDX. Weiss Ratings restated a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research note on Monday, December 29th. Stifel Nicolaus set a $45.00 price objective on Syndax Pharmaceuticals in a research note on Friday, February 27th. Wall Street Zen upgraded shares of Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday. Barclays raised their target price on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday, November 24th. Finally, BTIG Research reissued a "buy" rating and set a $56.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $39.10.

Syndax Pharmaceuticals Stock Up 10.0%

Shares of SNDX stock traded up $2.21 during trading hours on Monday, hitting $24.28. 1,377,993 shares of the company were exchanged, compared to its average volume of 1,276,141. The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. The company has a market capitalization of $2.14 billion, a PE ratio of -7.38 and a beta of 0.42. The business has a 50 day moving average of $20.89 and a two-hundred day moving average of $18.28. Syndax Pharmaceuticals has a 52 week low of $8.58 and a 52 week high of $24.84.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($0.14). The firm had revenue of $68.73 million for the quarter, compared to the consensus estimate of $64.75 million. Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The firm's quarterly revenue was up 792.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.10) EPS. Analysts anticipate that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 17,159 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $360,853.77. Following the transaction, the chief executive officer owned 491,690 shares of the company's stock, valued at $10,340,240.70. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith A. Goldan sold 3,410 shares of the firm's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $71,712.30. Following the sale, the chief financial officer directly owned 140,429 shares of the company's stock, valued at $2,953,221.87. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,063 shares of company stock valued at $628,332 over the last ninety days. Corporate insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNDX. Elmind Capital LP bought a new stake in Syndax Pharmaceuticals in the fourth quarter valued at about $38,974,000. Vanguard Group Inc. raised its stake in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock worth $130,899,000 after acquiring an additional 1,091,717 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock valued at $35,951,000 after purchasing an additional 967,873 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of Syndax Pharmaceuticals by 99.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company's stock worth $15,601,000 after purchasing an additional 831,067 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Syndax Pharmaceuticals by 126.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,432,440 shares of the company's stock valued at $13,415,000 after purchasing an additional 800,800 shares during 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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