Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Up 6.7% - Time to Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) rose 6.7% during trading on Wednesday . The company traded as high as $9.25 and last traded at $9.34. Approximately 696,062 shares were traded during trading, a decline of 62% from the average daily volume of 1,839,974 shares. The stock had previously closed at $8.75.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Scotiabank increased their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a research note on Tuesday, May 6th. Guggenheim reissued a "buy" rating and set a $32.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, May 6th. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an "overweight" rating in a research report on Thursday, March 20th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $35.80.

Syndax Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 1.53, a quick ratio of 5.75 and a current ratio of 5.80. The stock has a market cap of $794.90 million, a P/E ratio of -2.39 and a beta of 0.70. The firm's 50 day moving average is $10.31 and its 200 day moving average is $12.37.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.04) by $0.06. The business had revenue of $20.04 million for the quarter, compared to analyst estimates of $15.88 million. Syndax Pharmaceuticals had a negative net margin of 757.53% and a negative return on equity of 101.60%. Syndax Pharmaceuticals's revenue for the quarter was up 1900.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.85) EPS. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in Syndax Pharmaceuticals by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 224,261 shares of the company's stock worth $2,965,000 after acquiring an additional 2,759 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Syndax Pharmaceuticals by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 704,823 shares of the company's stock worth $9,318,000 after purchasing an additional 8,876 shares during the period. AlphaQuest LLC boosted its position in shares of Syndax Pharmaceuticals by 32.3% in the 4th quarter. AlphaQuest LLC now owns 23,623 shares of the company's stock worth $312,000 after buying an additional 5,765 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Syndax Pharmaceuticals by 18.7% during the 4th quarter. Teacher Retirement System of Texas now owns 22,769 shares of the company's stock worth $301,000 after purchasing an additional 3,585 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth about $219,000.

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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