Syndax Pharmaceuticals (NASDAQ:SNDX) CEO Sells 32,375 Shares

Key Points

• Syndax Pharmaceuticals CEO Michael Metzger sold 32,375 shares on July 8 at an average price of $24.24, for proceeds of about $784,770. After the sale, he still held 484,843 shares, and the transaction reduced his stake by 6.26%.
• The stock rose 1.1% to $24.84 in Thursday trading, near its 52-week high of $25.59. The company currently has a market cap of about $2.20 billion and a beta of 0.37.
• Analysts remain broadly positive on Syndax, with a consensus rating of “Moderate Buy” and an average price target of $42.55. Recent research reports included multiple Buy ratings, though Weiss Ratings reiterated a Sell rating.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) CEO Michael Metzger sold 32,375 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the sale, the chief executive officer owned 484,843 shares of the company's stock, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Syndax Pharmaceuticals Stock Up 1.1%

Syndax Pharmaceuticals stock traded up $0.28 during mid-day trading on Thursday, hitting $24.84. The company had a trading volume of 1,441,236 shares, compared to its average volume of 1,637,114. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26. The business has a fifty day moving average of $19.97 and a 200 day moving average of $21.32. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -8.90 and a beta of 0.37. Syndax Pharmaceuticals, Inc. has a 1 year low of $9.03 and a 1 year high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The company had revenue of $64.86 million during the quarter, compared to the consensus estimate of $69.76 million. During the same quarter in the prior year, the firm posted ($0.98) earnings per share. Syndax Pharmaceuticals's revenue for the quarter was up 224.3% on a year-over-year basis. On average, sell-side analysts expect that Syndax Pharmaceuticals, Inc. will post -1.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Barclays raised their target price on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. The Goldman Sachs Group lifted their target price on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, April 1st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Syndax Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $42.55.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in SNDX. Palumbo Wealth Management LLC purchased a new stake in shares of Syndax Pharmaceuticals during the fourth quarter worth approximately $1,079,000. Apis Capital Advisors LLC acquired a new stake in shares of Syndax Pharmaceuticals during the third quarter worth $9,816,000. Torray Investment Partners LLC purchased a new position in Syndax Pharmaceuticals in the 4th quarter valued at $2,055,000. SG Americas Securities LLC grew its position in Syndax Pharmaceuticals by 184.5% in the 4th quarter. SG Americas Securities LLC now owns 129,227 shares of the company's stock valued at $2,715,000 after buying an additional 83,801 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Syndax Pharmaceuticals by 236.0% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 183,802 shares of the company's stock valued at $3,862,000 after buying an additional 129,104 shares during the period.

About Syndax Pharmaceuticals

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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