Syndax Pharmaceuticals (NASDAQ:SNDX) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) announced its quarterly earnings data on Monday. The company reported ($0.98) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.06, Zacks reports. The firm had revenue of $20.04 million for the quarter, compared to the consensus estimate of $15.88 million. The firm's revenue for the quarter was up 1900.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.85) earnings per share.

Syndax Pharmaceuticals Trading Down 2.8 %

Shares of NASDAQ SNDX traded down $0.31 during trading hours on Friday, hitting $10.70. 2,336,266 shares of the company traded hands, compared to its average volume of 1,688,715. The company's 50 day moving average price is $12.48 and its 200 day moving average price is $14.39. Syndax Pharmaceuticals has a 12 month low of $9.66 and a 12 month high of $25.07. The stock has a market capitalization of $920.67 million, a price-to-earnings ratio of -2.95 and a beta of 0.82.

Insiders Place Their Bets

In related news, insider Neil Gallagher sold 4,618 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $71,579.00. Following the completion of the transaction, the insider now directly owns 85,095 shares of the company's stock, valued at approximately $1,318,972.50. The trade was a 5.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael A. Metzger sold 13,288 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $205,964.00. Following the transaction, the chief executive officer now owns 300,121 shares in the company, valued at $4,651,875.50. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,683 shares of company stock valued at $336,087 over the last three months. 4.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Scotiabank boosted their price objective on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a research report on Tuesday, May 6th. Citigroup reduced their price objective on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. raised their target price on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Finally, StockNews.com raised Syndax Pharmaceuticals to a "sell" 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 ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $35.91.

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).