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

Key Points

• Syndax Pharmaceuticals has received a consensus recommendation of "Buy" from ten brokerages, with target prices ranging from $24.00 to $56.00.
• The company reported a record revenue of $37.96 million for the last quarter, significantly exceeding analyst expectations of $26.64 million.
• Insider transactions indicate that key executives have recently sold shares, with CEO Michael A. Metzger selling 157,307 shares for approximately $2.58 million.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) has earned a consensus recommendation of "Buy" from the ten brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $39.2222.

Several analysts recently commented on SNDX shares. B. Riley upgraded shares of Syndax Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, August 6th. UBS Group cut 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. The Goldman Sachs Group lifted their target price on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Stifel Nicolaus assumed coverage on shares of Syndax Pharmaceuticals in a research report on Wednesday, September 10th. They set a "buy" rating and a $44.00 target price for the company. Finally, BTIG Research restated a "buy" rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research report on Friday, September 19th.

Syndax Pharmaceuticals Stock Up 4.3%

Shares of NASDAQ SNDX opened at $15.68 on Monday. The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. Syndax Pharmaceuticals has a 52 week low of $8.58 and a 52 week high of $22.50. The firm has a 50-day moving average price of $14.05 and a 200 day moving average price of $12.08. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -4.03 and a beta of 0.72.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The firm had revenue of $37.96 million during the quarter, compared to analysts' expectations of $26.64 million. During the same quarter last year, the business earned ($0.80) earnings per share. The business's revenue for the quarter was up 984.5% compared to the same quarter last year. Equities research analysts anticipate that Syndax Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, Director Dennis Podlesak sold 19,200 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares in the company, valued at approximately $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael A. Metzger sold 157,307 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,537 shares of company stock valued at $3,265,935. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Exome Asset Management LLC raised its position in shares of Syndax Pharmaceuticals by 5.7% in the first quarter. Exome Asset Management LLC now owns 337,198 shares of the company's stock valued at $4,142,000 after buying an additional 18,298 shares during the last quarter. Deutsche Bank AG raised its position in shares of Syndax Pharmaceuticals by 127.7% in the first quarter. Deutsche Bank AG now owns 204,732 shares of the company's stock valued at $2,516,000 after buying an additional 114,828 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $783,000. Aigen Investment Management LP acquired a new position in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $297,000. Finally, Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group acquired a new position in shares of Syndax Pharmaceuticals in the first quarter valued at approximately $2,457,000.

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).

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