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

Key Points

• Syndax Pharmaceuticals has a consensus analyst rating of “Moderate Buy”, with 13 brokerages covering the stock and an average 12-month price target of about $42.55.
• Recent analyst updates were mostly positive, including price target increases from JPMorgan, Barclays, and Goldman Sachs, though one firm, Wall Street Zen, downgraded the stock to hold.
• Insiders have recently sold shares, including CEO Michael A. Metzger and CMO Nicholas A.J. Botwood, while institutional investors such as Vanguard and Bank of America increased their holdings.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the thirteen brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $42.5455.

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an "overweight" rating in a research note on Monday, March 9th. Barclays raised their target price on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Wall Street Zen upgraded Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. The Goldman Sachs Group upped their price target on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, April 1st. Finally, Mizuho decreased their price objective on Syndax Pharmaceuticals from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, March 31st.

Insider Transactions at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $18.99, for a total value of $130,024.53. Following the completion of the transaction, the chief executive officer owned 484,843 shares in the company, valued at $9,207,168.57. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the completion of the sale, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,095,930. This trade represents a 36.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 73,539 shares of company stock valued at $1,336,019 in the last quarter. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Elmind Capital LP bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth $38,974,000. Vanguard Group Inc. lifted its holdings in Syndax Pharmaceuticals by 21.2% during the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company's stock worth $130,899,000 after purchasing an additional 1,091,717 shares in the last quarter. Bank of America Corp DE boosted its stake 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. Orbimed Advisors LLC bought a new position in Syndax Pharmaceuticals in the 1st quarter worth about $22,479,000. Finally, Qube Research & Technologies Ltd grew its holdings in 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 buying an additional 831,067 shares in the last quarter.

Syndax Pharmaceuticals Stock Performance

NASDAQ SNDX opened at $21.86 on Wednesday. Syndax Pharmaceuticals has a 52-week low of $8.59 and a 52-week high of $25.59. The company has a 50-day simple moving average of $19.93 and a 200 day simple moving average of $21.24. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. The company has a market capitalization of $1.94 billion, a PE ratio of -7.84 and a beta of 0.38.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating analysts' consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The firm had revenue of $64.86 million for the quarter, compared to analysts' expectations of $69.76 million. During the same period in the previous year, the company earned ($0.98) earnings per share. The company's quarterly revenue was up 224.3% on a year-over-year basis. On average, research analysts predict that Syndax Pharmaceuticals will post -1.65 EPS for the current year.

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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