Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Given Average Recommendation of "Buy" by Analysts

Key Points

• Syndax Pharmaceuticals has received an average recommendation of "Buy" from analysts, with one strong buy and eight buy ratings among the ten brokerages covering the company.
• Despite a negative net margin of 428.48%, Syndax reported a significant year-over-year revenue increase of 984.5%, with a quarterly revenue of $37.96 million, surpassing estimates.
• Recent insider trading included a sale of 19,200 shares by Director Dennis Podlesak, indicating a 9.1% decrease in his position, while CEO Michael A. Metzger also sold shares, highlighting potential shifts in insider confidence.

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) have earned a consensus rating of "Buy" from the ten brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $38.00.

A number of research firms recently issued reports on SNDX. Citigroup increased their target price on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. UBS Group dropped their target price on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. B. Riley upgraded Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target for the company. Finally, BTIG Research upped their price target on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th.

Syndax Pharmaceuticals Stock Up 0.1%

SNDX opened at $16.13 on Thursday. The firm has a 50 day moving average price of $11.92 and a 200 day moving average price of $12.00. The company has a market cap of $1.39 billion, a PE ratio of -4.15 and a beta of 0.72. Syndax Pharmaceuticals has a 1 year low of $8.58 and a 1 year high of $22.50. 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 (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.01) by $0.18. The firm had revenue of $37.96 million during the quarter, compared to the consensus estimate of $26.64 million. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The company's revenue was up 984.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.80) EPS. Sell-side analysts expect that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, Director Dennis Podlesak sold 19,200 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares in the company, valued at $3,037,525.92. This represents a 9.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael A. Metzger sold 7,534 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total value of $69,990.86. Following the completion of the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at approximately $2,774,560.69. This represents a 2.46% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,230 shares of company stock valued at $684,527. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in Syndax Pharmaceuticals in the 1st quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at approximately $66,000. Tower Research Capital LLC TRC boosted its stake in shares of Syndax Pharmaceuticals by 103.3% during the 2nd 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 during the last quarter. Prudential Financial Inc. purchased a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at approximately $97,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at 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).

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