Syndax Pharmaceuticals (NASDAQ:SNDX) Posts Earnings Results, Beats Estimates By $0.18 EPS

Key Points

• Syndax Pharmaceuticals reported quarterly earnings of ($0.83) earnings per share, exceeding analysts' expectations of ($0.99) by $0.16.
• The company's stock traded up to $10.38 with a market capitalization of $893.20 million and an average trading volume of 3,198,712 shares.
• Analysts have given Syndax Pharmaceuticals a consensus rating of "Moderate Buy" with a target price of $34.10, while Guggenheim set a higher target at $32.00.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) announced its quarterly earnings data on Monday. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.01) by $0.18, Zacks reports. Syndax Pharmaceuticals had a negative net margin of 757.53% and a negative return on equity of 101.60%. During the same period in the previous year, the firm earned ($0.80) earnings per share. The company's quarterly revenue was up 984.5% on a year-over-year basis.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX traded up $0.40 during trading hours on Monday, hitting $10.38. 3,198,712 shares of the company were exchanged, compared to its average volume of 2,154,179. The company has a debt-to-equity ratio of 1.53, a current ratio of 5.80 and a quick ratio of 5.75. Syndax Pharmaceuticals has a 52-week low of $8.58 and a 52-week high of $22.50. The stock has a market capitalization of $893.20 million, a price-to-earnings ratio of -2.69 and a beta of 0.74. The company's 50 day moving average price is $9.89 and its 200-day moving average price is $11.91.

Insider Activity at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 7,534 shares of the company's 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 sale, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $2,774,560.69. This represents a 2.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.10% of the company's stock.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caxton Associates LLP purchased a new stake in shares of Syndax Pharmaceuticals during the first quarter worth approximately $257,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Syndax Pharmaceuticals by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,842 shares of the company's stock worth $705,000 after buying an additional 3,094 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Syndax Pharmaceuticals by 18.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 200,696 shares of the company's stock valued at $2,466,000 after buying an additional 30,596 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Syndax Pharmaceuticals by 478.8% in the first quarter. AQR Capital Management LLC now owns 377,444 shares of the company's stock valued at $4,637,000 after buying an additional 312,231 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wall Street Zen upgraded Syndax Pharmaceuticals to a "sell" rating in a research note on Tuesday, May 6th. Guggenheim reiterated a "buy" rating and issued a $32.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. The Goldman Sachs Group initiated coverage on Syndax Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $18.00 price target for the company. UBS Group cut their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, July 15th. Finally, Scotiabank upped their price target on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a "sector perform" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.10.

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).