Syndax Pharmaceuticals (NASDAQ:SNDX) Given Sell (E+) Rating at Weiss Ratings

Key Points

• Syndax Pharmaceuticals has been given a "sell (e+)" rating from Weiss Ratings, reflecting a cautious outlook on the stock.
• Despite the sell rating from Weiss, other analysts have issued a mix of ratings, with nine analysts giving a buy rating and an average target price of $39.22 for the stock.
• The company's revenue surged 984.5% year-over-year, reporting $37.96 million for the latest quarter, indicating strong business growth despite persistent losses.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other research analysts have also issued research reports about the company. Guggenheim initiated coverage on Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $34.00 target price for the company. UBS Group dropped their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. BTIG Research restated a "buy" rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research report on Friday, September 19th. The Goldman Sachs Group boosted their target price on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Finally, Citigroup boosted their target price on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $39.22.

Syndax Pharmaceuticals Trading Up 0.3%

SNDX opened at $16.50 on Wednesday. The firm has a market cap of $1.42 billion, a P/E ratio of -4.24 and a beta of 0.68. Syndax Pharmaceuticals has a 12 month low of $8.58 and a 12 month 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. The stock has a 50-day moving average of $15.00 and a 200 day moving average of $12.24.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $37.96 million during the quarter, compared to analyst estimates of $26.64 million. During the same quarter in the previous year, the business earned ($0.80) earnings per share. The company's revenue for the quarter was up 984.5% compared to the same quarter last year. As a group, research analysts forecast that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 157,307 shares of the business'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 $4,901,027.01. The trade was a 34.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dennis Podlesak sold 19,200 shares of the business'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 directly owned 191,763 shares of the company's stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 204,537 shares of company stock valued at $3,265,935 in the last ninety days. Insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its stake in Syndax Pharmaceuticals by 33.7% in the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock worth $35,951,000 after buying an additional 967,873 shares in the last quarter. Stempoint Capital LP raised its stake in Syndax Pharmaceuticals by 48.4% in the second quarter. Stempoint Capital LP now owns 2,372,634 shares of the company's stock worth $22,220,000 after buying an additional 774,040 shares in the last quarter. Franklin Resources Inc. raised its stake in Syndax Pharmaceuticals by 14.5% in the second quarter. Franklin Resources Inc. now owns 2,359,677 shares of the company's stock worth $22,098,000 after buying an additional 298,272 shares in the last quarter. Geode Capital Management LLC raised its stake in Syndax Pharmaceuticals by 1.3% in the second quarter. Geode Capital Management LLC now owns 2,049,350 shares of the company's stock worth $19,195,000 after buying an additional 26,365 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in Syndax Pharmaceuticals by 99.5% in the second quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company's stock worth $15,601,000 after buying an additional 831,067 shares in 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).

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