Syndax Pharmaceuticals (NASDAQ:SNDX) Now Covered by Analysts at Stifel Nicolaus

Key Points

• Investment analysts at Stifel Nicolaus reaffirmed a "buy" rating for Syndax Pharmaceuticals (NASDAQ:SNDX) with a target price of $44.00, indicating a potential upside of 176.21% from the stock's previous close.
• The company reported a significant year-over-year revenue increase of 984.5% for the quarter, with earnings per share of ($0.83), surpassing analysts' expectations.
• Insider transactions included CEO Michael A. Metzger selling over 157,307 shares, indicating a 34.50% decrease in his ownership stake, while institutional investors have recently increased their holdings in the company.

Stifel Nicolaus began coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) in a research note issued on Wednesday, MarketBeat reports. The firm set a "buy" rating and a $44.00 price target on the stock. Stifel Nicolaus' target price indicates a potential upside of 179.72% from the company's previous close.

Several other analysts have also recently issued reports on SNDX. 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 research note on Tuesday, July 15th. The Goldman Sachs Group increased their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday, September 5th. BTIG Research raised their target price on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Citigroup lifted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Guggenheim started coverage on Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $34.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $39.22.

Syndax Pharmaceuticals Stock Down 1.3%

Shares of SNDX traded down $0.20 during midday trading on Wednesday, reaching $15.73. 1,781,898 shares of the company were exchanged, compared to its average volume of 2,234,476. The stock has a 50-day moving average price of $12.50 and a 200-day moving average price of $12.01. The company has a market cap of $1.35 billion, a price-to-earnings ratio of -4.04 and a beta of 0.72. Syndax Pharmaceuticals has a 1-year low of $8.58 and a 1-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 data on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping analysts' consensus estimates of ($1.01) by $0.18. 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 analysts' expectations of $26.64 million. During the same quarter in the previous year, the firm posted ($0.80) earnings per share. The firm's quarterly revenue was up 984.5% on a year-over-year basis. Research analysts expect that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Transactions at Syndax Pharmaceuticals

In other news, Director Dennis Podlesak sold 19,200 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $15.84, for a total value of $304,128.00. Following the transaction, the director directly owned 191,763 shares in the company, valued at approximately $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael A. Metzger sold 157,307 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, September 8th. The stock was 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 in the company, valued at $4,901,027.01. The trade was a 34.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 204,537 shares of company stock worth $3,265,935 over the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in SNDX. Northern Trust Corp boosted its holdings in Syndax Pharmaceuticals by 7.5% during the fourth quarter. Northern Trust Corp now owns 792,750 shares of the company's stock valued at $10,480,000 after purchasing an additional 55,144 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Syndax Pharmaceuticals by 1,128.7% in the 4th quarter. BNP Paribas Financial Markets now owns 259,245 shares of the company's stock valued at $3,427,000 after buying an additional 238,146 shares in the last quarter. Deutsche Bank AG increased its position in shares of Syndax Pharmaceuticals by 35.7% in the 4th quarter. Deutsche Bank AG now owns 89,904 shares of the company's stock valued at $1,189,000 after buying an additional 23,634 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Syndax Pharmaceuticals in the 4th quarter worth $153,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Syndax Pharmaceuticals by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock worth $706,000 after buying an additional 1,811 shares during the last quarter.

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).