Syndax Pharmaceuticals (NASDAQ:SNDX) Issues Quarterly 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) posted its quarterly earnings results on Monday. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.01) by $0.18, Zacks reports. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%. The company had revenue of $37.96 million for the quarter, compared to the consensus estimate of $26.64 million. During the same quarter in the prior year, the business posted ($0.80) EPS. The firm's quarterly revenue was up 984.5% compared to the same quarter last year.

Syndax Pharmaceuticals Stock Down 2.6%

SNDX stock traded down $0.33 during mid-day trading on Friday, hitting $12.39. 570,999 shares of the company were exchanged, compared to its average volume of 2,214,005. The firm has a fifty day simple moving average of $10.04 and a 200 day simple moving average of $11.92. The company has a current ratio of 4.71, a quick ratio of 5.75 and a debt-to-equity ratio of 2.06. Syndax Pharmaceuticals has a twelve month low of $8.58 and a twelve month high of $22.50. The company has a market capitalization of $1.07 billion, a PE ratio of -3.20 and a beta of 0.74.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 7,534 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $9.29, for a total transaction of $69,990.86. Following the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at approximately $2,774,560.69. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Caxton Associates LLP acquired a new stake in Syndax Pharmaceuticals in the first quarter valued at approximately $257,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 acquiring an additional 3,094 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Syndax Pharmaceuticals by 18.0% in the 1st 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 period. Finally, AQR Capital Management LLC increased its holdings in Syndax Pharmaceuticals by 478.8% in the 1st 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 period.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SNDX shares. The Goldman Sachs Group began coverage on Syndax Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target on the stock. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. UBS Group reduced their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Scotiabank lifted their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a "sector perform" rating in a research report on Tuesday, May 6th. Finally, Citigroup boosted their target price on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.91.

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).