Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Syndax Pharmaceuticals, Inc. has received a consensus rating of "Moderate Buy" from eleven research firms, with a target price of $38.00.
• Insider transactions have occurred, including CEO Michael A. Metzger selling over 157,000 shares, representing a 34.5% decrease in his ownership.
• Institutional investors have increased their stakes significantly, with Bank of America boosting its holdings in Syndax by 33.7% in the second quarter.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eleven research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $38.00.

A number of research analysts have issued reports on SNDX shares. The Goldman Sachs Group boosted their price objective on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, October 8th. HC Wainwright initiated coverage on shares of Syndax Pharmaceuticals in a research note on Thursday, October 16th. They issued a "buy" rating and a $40.00 price target on the stock. Citigroup boosted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Guggenheim initiated coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, September 4th. They issued a "buy" rating and a $34.00 target price for the company.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 157,307 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $16.41, for a total value of $2,581,407.87. Following the completion of the transaction, the chief executive officer directly owned 298,661 shares in the company, valued at $4,901,027.01. This represents a 34.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dennis Podlesak sold 19,200 shares of the company's stock in a transaction dated 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 directly owned 191,763 shares of the company's stock, valued at approximately $3,037,525.92. This trade represents a 9.10% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 195,707 shares of company stock worth $3,183,904. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its stake in Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock worth $35,951,000 after buying an additional 967,873 shares during the period. Stempoint Capital LP raised its holdings in shares of Syndax Pharmaceuticals by 48.4% in the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company's stock valued at $22,220,000 after purchasing an additional 774,040 shares in the last quarter. Franklin Resources Inc. boosted its position in Syndax Pharmaceuticals by 14.5% during the 2nd quarter. Franklin Resources Inc. now owns 2,359,677 shares of the company's stock valued at $22,098,000 after acquiring an additional 298,272 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 buying an additional 26,365 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings 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 valued at $15,601,000 after purchasing an additional 831,067 shares during the last quarter.

Syndax Pharmaceuticals Stock Performance

Syndax Pharmaceuticals stock opened at $14.68 on Friday. The company has a market capitalization of $1.26 billion, a PE ratio of -3.77 and a beta of 0.68. Syndax Pharmaceuticals has a twelve month low of $8.58 and a twelve month high of $22.50. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The firm has a fifty day simple moving average of $15.66 and a two-hundred day simple moving average of $12.44.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.01) by $0.18. The company had revenue of $37.96 million for 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 firm's revenue for the quarter was up 984.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.80) earnings per share. Research analysts expect that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

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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