Syndax Pharmaceuticals (NASDAQ:SNDX) Releases Quarterly Earnings Results

Key Points

• Syndax Pharmaceuticals reported a quarterly loss of $0.55 per share, missing the consensus estimate of a $0.45 loss per share. The company also reported deeply negative profitability metrics, including a 111.88% net margin.
• Shares fell 0.8% to $19.08 following the results, well below the consensus analyst price target of $42.55. Analysts maintain a “Moderate Buy” consensus rating, with 11 Buy, one Strong Buy, and one Sell rating.
• Company insiders sold 105,914 shares worth approximately $2.12 million over the past 90 days, while insiders retain a 4.8% ownership stake in Syndax.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.10), Zacks reports. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.

Syndax Pharmaceuticals Stock Down 0.8%

NASDAQ:SNDX traded down $0.16 during trading hours on Tuesday, hitting $19.08. The stock had a trading volume of 2,010,990 shares, compared to its average volume of 1,615,348. Syndax Pharmaceuticals has a 1-year low of $11.91 and a 1-year high of $25.59. The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26. The company has a market cap of $1.69 billion, a PE ratio of -6.84 and a beta of 0.40. The business has a 50 day simple moving average of $20.42 and a two-hundred day simple moving average of $21.40.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNDX. Weiss Ratings lowered Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. Barclays boosted their price target 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. UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. Finally, HC Wainwright restated a "buy" rating and issued a $40.00 price target on shares of Syndax Pharmaceuticals in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.55.

Insiders Place Their Bets

In other news, CMO Nicholas A.J. Botwood sold 31,235 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $18.14, for a total value of $566,602.90. Following the sale, the chief marketing officer owned 60,885 shares in the company, valued at approximately $1,104,453.90. This represents a 33.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael A. Metzger sold 32,375 shares of the firm's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the transaction, the chief executive officer owned 484,843 shares in the company, valued at $11,752,594.32. This trade represents a 6.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 105,914 shares of company stock valued at $2,120,789. Insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. ADAR1 Capital Management LLC acquired a new stake in shares of Syndax Pharmaceuticals during the 4th quarter valued at $252,000. Lazard Asset Management LLC acquired a new stake in Syndax Pharmaceuticals during the 4th quarter worth about $297,000. Marex Group plc purchased a new stake in Syndax Pharmaceuticals during the fourth quarter valued at about $316,000. Inceptionr LLC acquired a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth about $226,000. Finally, Creative Planning increased its position in shares of Syndax Pharmaceuticals by 16.4% in the third quarter. Creative Planning now owns 17,970 shares of the company's stock worth $276,000 after acquiring an additional 2,526 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

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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