Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 6.2% Higher - Time to Buy?

Key Points

• Syndax Pharmaceuticals stock increased by 6.2%, reaching $10.16, despite a trade volume decline of 64% from its average.
• Equities analysts have varying ratings on Syndax, with a consensus of nine "buy" ratings and an average price target of $34.10.
• The company reported a revenue increase of 1900% year-over-year, with earnings per share of ($0.98), surpassing analyst estimates.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares shot up 6.2% during trading on Tuesday . The company traded as high as $10.19 and last traded at $10.16. 766,631 shares were traded during trading, a decline of 64% from the average session volume of 2,132,094 shares. The stock had previously closed at $9.57.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SNDX shares. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target for the company. Guggenheim reaffirmed a "buy" rating and set a $32.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a research note on Tuesday, May 6th. UBS Group cut their price target on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Finally, Scotiabank increased their price objective on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.10.

Syndax Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $9.88 and a two-hundred day simple moving average of $11.96. The stock has a market cap of $858.78 million, a price-to-earnings ratio of -2.59 and a beta of 0.74. The company has a debt-to-equity ratio of 1.53, a quick ratio of 5.75 and a current ratio of 5.80.

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

Insider Activity at Syndax Pharmaceuticals

In related news, CEO Michael A. Metzger sold 7,534 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total transaction of $69,990.86. Following the transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at approximately $2,774,560.69. This represents a 2.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is currently owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of SNDX. Soleus Capital Management L.P. increased its position in shares of Syndax Pharmaceuticals by 128.4% during the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company's stock valued at $32,944,000 after acquiring an additional 1,401,016 shares during the last quarter. Octagon Capital Advisors LP purchased a new stake in Syndax Pharmaceuticals in the fourth quarter worth $11,951,000. Renaissance Technologies LLC purchased a new stake in Syndax Pharmaceuticals in the fourth quarter worth $9,002,000. Trexquant Investment LP boosted its holdings in shares of Syndax Pharmaceuticals by 1,309.7% in the fourth quarter. Trexquant Investment LP now owns 471,292 shares of the company's stock worth $6,230,000 after acquiring an additional 437,859 shares during the period. Finally, Altium Capital Management LLC bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth $4,891,000.

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).