Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Consensus Rating of "Buy" from Brokerages

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 been given an average recommendation of "Buy" by the ten brokerages that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $38.8889.

SNDX has been the subject of a number of recent research reports. Guggenheim initiated coverage on Syndax Pharmaceuticals in a research note on Thursday. They issued a "buy" rating and a $34.00 target price for the company. Citigroup upped their target price on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. The Goldman Sachs Group upped their target price on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday. UBS Group reduced their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Finally, B. Riley upgraded Syndax Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, August 6th.

Insider Buying and Selling at Syndax Pharmaceuticals

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

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of SNDX. Bank of America Corp DE raised its holdings in 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 worth $35,951,000 after purchasing an additional 967,873 shares during the period. Soleus Capital Management L.P. raised its holdings in Syndax Pharmaceuticals by 128.4% in the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock worth $32,944,000 after purchasing an additional 1,401,016 shares during the period. Stempoint Capital LP raised its holdings in Syndax Pharmaceuticals by 48.4% in the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company's stock worth $22,220,000 after purchasing an additional 774,040 shares during the period. Franklin Resources Inc. raised its holdings in Syndax Pharmaceuticals by 14.5% in the 2nd quarter. Franklin Resources Inc. now owns 2,359,677 shares of the company's stock worth $22,098,000 after purchasing an additional 298,272 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Syndax Pharmaceuticals by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,049,350 shares of the company's stock worth $19,195,000 after purchasing an additional 26,365 shares during the period.

Syndax Pharmaceuticals Price Performance

SNDX stock traded down $0.70 during mid-day trading on Thursday, hitting $16.34. 193,721 shares of the stock were exchanged, compared to its average volume of 2,235,052. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55. The business has a fifty day moving average price of $12.22 and a 200 day moving average price of $11.98. Syndax Pharmaceuticals has a 12 month low of $8.58 and a 12 month high of $22.50. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -4.22 and a beta of 0.72.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating 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 analyst estimates of $26.64 million. During the same quarter in the previous year, the company posted ($0.80) EPS. Syndax Pharmaceuticals's revenue for the quarter was up 984.5% on a year-over-year basis. On average, sell-side analysts anticipate that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

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).