Syndax Pharmaceuticals (NASDAQ:SNDX) Given New $40.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Syndax Pharmaceuticals’ price target from $44 to $40 while maintaining an “overweight” rating, implying roughly 98% upside from the stock’s $20.19 price.
• Analyst sentiment remains broadly positive: 12 analysts rate the shares “Buy” and one rates them “Sell,” producing a “Moderate Buy” consensus and average price target of $41.91.
• Syndax’s latest quarter fell short of expectations, with an adjusted loss of $0.55 per share versus the $0.45 estimate and revenue of $72.79 million versus $79.36 million expected, despite 91.8% year-over-year revenue growth.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $44.00 to $40.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 98.12% from the company's current price.

Other analysts have also recently issued reports about the stock. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. Barclays increased their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Bank of America reissued a "buy" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Weiss Ratings downgraded shares of Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Finally, HC Wainwright lowered their price target on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $41.91.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX stock traded down $0.18 during mid-day trading on Tuesday, reaching $20.19. The stock had a trading volume of 232,640 shares, compared to its average volume of 1,613,328. Syndax Pharmaceuticals has a 1-year low of $12.62 and a 1-year high of $25.59. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -8.04 and a beta of 0.40. The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95. The business's fifty day moving average is $20.46 and its 200-day moving average is $21.37.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.10). The firm had revenue of $72.79 million for the quarter, compared to analyst estimates of $79.36 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.The company's revenue for the quarter was up 91.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.83) EPS. On average, research analysts forecast that Syndax Pharmaceuticals will post -1.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the sale, the chief executive officer directly owned 484,843 shares of the company's stock, valued at $11,752,594.32. This represents a 6.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $18.00, for a total value of $617,040.00. Following the sale, the chief marketing officer owned 60,885 shares in the company, valued at $1,095,930. This trade represents a 36.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 105,914 shares of company stock valued at $2,120,789 in the last ninety days. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. E Fund Management Co. Ltd. purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at approximately $301,000. BlackRock Inc. purchased a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at approximately $197,177,000. Pallas Capital Advisors LLC acquired a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at $207,000. Deutsche Bank AG acquired a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at $2,084,000. Finally, Bank of New York Mellon Corp purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter worth $22,736,000.

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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