Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 4.9% Higher - Should You Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares shot up 4.9% during trading on Thursday . The company traded as high as $10.25 and last traded at $10.62. 45,166 shares traded hands during trading, a decline of 97% from the average session volume of 1,775,258 shares. The stock had previously closed at $10.12.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SNDX shares. Guggenheim reiterated a "buy" rating and issued a $32.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. Scotiabank upped their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, March 20th. HC Wainwright restated a "buy" rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Finally, Wall Street Zen raised shares of Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $35.91.

Syndax Pharmaceuticals Price Performance

The stock's 50 day simple moving average is $11.49 and its two-hundred day simple moving average is $13.39. The stock has a market cap of $942.64 million, a P/E ratio of -3.02 and a beta of 0.82.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.06. The firm had revenue of $20.04 million for the quarter, compared to analyst estimates of $15.88 million. During the same period in the prior year, the company earned ($0.85) earnings per share. The firm's quarterly revenue was up 1900.0% on a year-over-year basis. As a group, analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. R Squared Ltd acquired a new position in Syndax Pharmaceuticals during the fourth quarter worth $26,000. Quarry LP bought a new stake in Syndax Pharmaceuticals during the 1st quarter worth about $25,000. Virtus ETF Advisers LLC boosted its stake in shares of Syndax Pharmaceuticals by 18.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company's stock worth $70,000 after buying an additional 827 shares during the last quarter. Cape Investment Advisory Inc. grew its holdings in shares of Syndax Pharmaceuticals by 157.1% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,427 shares of the company's stock valued at $85,000 after acquiring an additional 3,927 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Syndax Pharmaceuticals by 104.8% in the fourth quarter. KBC Group NV now owns 6,954 shares of the company's stock valued at $92,000 after acquiring an additional 3,559 shares during the last quarter.

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).