Syndax Pharmaceuticals (NASDAQ:SNDX) Given "Buy" Rating at BTIG Research

Key Points

• BTIG Research has reiterated a "buy" rating for Syndax Pharmaceuticals, setting a price target of $56.00, indicating a potential upside of 279.43% from its previous close.
• Syndax Pharmaceuticals reported a revenue increase of 984.5% year-over-year, with earnings per share beating analyst expectations at ($0.83).
• Insider sales included significant transactions by the company's CEO and director, with the CEO selling 157,307 shares for approximately $2.6 million.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at BTIG Research in a research note issued on Friday,Benzinga reports. They presently have a $56.00 price target on the stock. BTIG Research's target price suggests a potential upside of 279.43% from the company's previous close.

Several other research analysts have also recently issued reports on the company. The Goldman Sachs Group upped their price target on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a report on Friday, September 5th. Stifel Nicolaus started coverage on Syndax Pharmaceuticals in a research report on Wednesday, September 10th. They set a "buy" rating and a $44.00 target price on the stock. Guggenheim assumed coverage on Syndax Pharmaceuticals in a research report on Thursday, September 4th. They issued a "buy" rating and a $34.00 price target for the company. UBS Group cut their price objective on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Finally, Citigroup upped their price objective on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $39.22.

Syndax Pharmaceuticals Price Performance

SNDX stock traded down $0.69 during trading hours on Friday, hitting $14.76. 1,490,286 shares of the stock traded hands, compared to its average volume of 2,218,175. The stock has a 50-day simple moving average of $13.39 and a 200 day simple moving average of $12.03. The company has a market cap of $1.27 billion, a P/E ratio of -3.81 and a beta of 0.72. Syndax Pharmaceuticals has a one year low of $8.58 and a one year high of $22.50. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

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

Insider Transactions at Syndax Pharmaceuticals

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

Institutional Trading of Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in SNDX. Exome Asset Management LLC raised its holdings in shares of Syndax Pharmaceuticals by 5.7% during the 1st quarter. Exome Asset Management LLC now owns 337,198 shares of the company's stock worth $4,142,000 after buying an additional 18,298 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new stake in Syndax Pharmaceuticals in the fourth quarter valued at $1,124,000. Deutsche Bank AG lifted its holdings in Syndax Pharmaceuticals by 127.7% during the 1st quarter. Deutsche Bank AG now owns 204,732 shares of the company's stock worth $2,516,000 after buying an additional 114,828 shares during the period. XTX Topco Ltd acquired a new stake in shares of Syndax Pharmaceuticals in the first quarter valued at about $783,000. Finally, Aigen Investment Management LP acquired a new position in shares of Syndax Pharmaceuticals in the first quarter worth approximately $297,000.

Syndax Pharmaceuticals Company Profile

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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