Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts remain broadly positive: Thirteen firms give Syndax Pharmaceuticals a consensus “Moderate Buy” rating, with 12 buys and one sell. The average 12-month price target is $41.91 versus the stock’s recent price of $20.77.
• Institutional ownership increased: BlackRock and Bank of America initiated sizable positions during the second quarter, while Vanguard raised its stake by 21.2%.
• Quarterly results fell short of expectations: Syndax reported a $0.55 per-share loss and $72.79 million in revenue, missing estimates of a $0.45 loss and $79.36 million in revenue, although revenue grew 91.8% year over year. Insiders also sold 105,914 shares worth approximately $2.12 million during the last quarter.

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and twelve have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $41.9091.

SNDX has been the subject of a number of research reports. HC Wainwright decreased their target price on Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. Weiss Ratings lowered shares of Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Finally, Barclays upped their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Friday, May 1st.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CMO Nicholas A.J. Botwood sold 34,280 shares of Syndax Pharmaceuticals stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $18.00, for a total transaction of $617,040.00. Following the completion of the transaction, the chief marketing officer owned 60,885 shares in the company, valued at approximately $1,095,930. This trade represents a 36.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael A. Metzger sold 32,375 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the sale, the chief executive officer owned 484,843 shares in the company, valued at $11,752,594.32. The trade was a 6.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 105,914 shares of company stock valued at $2,120,789 in the last quarter. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Syndax Pharmaceuticals during the second quarter worth $197,177,000. Bank of America Corp DE acquired a new stake in Syndax Pharmaceuticals during the second quarter valued at $88,426,000. Elmind Capital LP purchased a new position in Syndax Pharmaceuticals in the second quarter valued at $40,550,300,000. Trails Edge Capital Partners LP purchased a new position in Syndax Pharmaceuticals in the second quarter valued at $24,264,600,000. Finally, Vanguard Group Inc. raised its position in shares of Syndax Pharmaceuticals by 21.2% in 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 during the period.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX opened at $20.77 on Thursday. The stock has a 50-day moving average of $20.76 and a two-hundred day moving average of $21.33. Syndax Pharmaceuticals has a one year low of $12.99 and a one year high of $25.59. The company has a debt-to-equity ratio of 38.95, a quick ratio of 6.44 and a current ratio of 6.77. The stock has a market cap of $1.84 billion, a P/E ratio of -8.27 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.10). The firm had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The firm's revenue for the quarter was up 91.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.83) EPS. As a group, research analysts predict that Syndax Pharmaceuticals will post -1.97 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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