Syndax Pharmaceuticals (NASDAQ:SNDX) Now Covered by 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 assumed coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $44.00 price target on the stock. Stifel Nicolaus' target price suggests a potential upside of 180.61% from the company's previous close.

Several other analysts have also weighed in on SNDX. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. Citigroup increased their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. The Goldman Sachs Group raised 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. BTIG Research boosted their price objective on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, UBS Group lowered their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $39.22.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ SNDX traded up $0.13 during midday trading on Wednesday, reaching $15.68. 1,068,001 shares of the company traded hands, compared to its average volume of 2,222,306. Syndax Pharmaceuticals has a 12 month low of $8.58 and a 12 month high of $22.50. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. The stock's 50-day simple moving average is $12.90 and its 200-day simple moving average is $11.99. The firm has a market cap of $1.35 billion, a PE ratio of -4.01 and a beta of 0.72.

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

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 157,307 shares of the company's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at $4,901,027.01. This represents a 34.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dennis Podlesak sold 19,200 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $15.84, for a total value of $304,128.00. Following the completion of the transaction, the director owned 191,763 shares in the company, valued at approximately $3,037,525.92. This represents a 9.10% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,537 shares of company stock valued at $3,265,935. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Large investors have recently bought and sold shares of the business. Hudson Bay Capital Management LP boosted its stake in Syndax Pharmaceuticals by 77.3% in the second quarter. Hudson Bay Capital Management LP now owns 443,300 shares of the company's stock valued at $4,152,000 after acquiring an additional 193,300 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Syndax Pharmaceuticals by 103.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock valued at $79,000 after acquiring an additional 4,308 shares during the last quarter. Soleus Capital Management L.P. lifted its stake in shares of Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Soleus Capital Management L.P. now owns 1,092,110 shares of the company's stock valued at $10,228,000 after purchasing an additional 275,500 shares during the period. Man Group plc boosted its position in shares of Syndax Pharmaceuticals by 70.1% in the 2nd quarter. Man Group plc now owns 228,167 shares of the company's stock worth $2,137,000 after purchasing an additional 94,031 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Syndax Pharmaceuticals during the second quarter worth $66,000.

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).