Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 6.6% Following Analyst Upgrade

Key Points

• Stock up 6.6% — Syndax shares rose 6.6% after Barclays raised its price target from $35 to $37 and kept an "overweight" rating, with light trading volume (~177,648 shares vs. a ~1.43M average).
• Analyst sentiment largely positive — Multiple firms raised targets (e.g., JPMorgan to $45, Citigroup to $57) and MarketBeat shows a consensus "Moderate Buy" with an average price target of $40.50.
• Insiders have recently sold shares (CEO sold 17,159 and CFO 3,410 on Feb 9) while the company reported a quarterly EPS beat (−$0.48 vs. −$0.59) and $64.9M revenue (below estimates) with strong YoY revenue growth but continued negative margins and ROE.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares rose 6.6% during trading on Monday after Barclays raised their price target on the stock from $35.00 to $37.00. Barclays currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $20.41 and last traded at $20.37. Approximately 177,648 shares changed hands during trading, a decline of 88% from the average daily volume of 1,425,286 shares. The stock had previously closed at $19.11.

A number of other brokerages also recently commented on SNDX. JPMorgan Chase & Co. boosted their price objective on shares of Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an "overweight" rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Syndax Pharmaceuticals in a research report on Friday, March 27th. Stifel Nicolaus set a $45.00 price objective on shares of Syndax Pharmaceuticals in a research report on Friday, February 27th. Citigroup boosted their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Finally, Mizuho lowered their price objective on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $40.50.

Insider Activity at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 17,159 shares of the business's stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the sale, the chief executive officer directly owned 491,690 shares of the company's stock, valued at $10,340,240.70. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith A. Goldan sold 3,410 shares of the business's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $71,712.30. Following the completion of the sale, the chief financial officer owned 140,429 shares of the company's stock, valued at $2,953,221.87. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,063 shares of company stock valued at $628,332 over the last three months. Insiders own 4.10% of the company's stock.

Institutional Trading of Syndax Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Sector Gamma AS acquired a new stake in shares of Syndax Pharmaceuticals in the third quarter worth $3,243,000. Apis Capital Advisors LLC acquired a new stake in shares of Syndax Pharmaceuticals in the third quarter worth $9,816,000. Torray Investment Partners LLC acquired a new stake in shares of Syndax Pharmaceuticals in the fourth quarter worth $2,055,000. Palumbo Wealth Management LLC acquired a new stake in shares of Syndax Pharmaceuticals in the fourth quarter worth $1,079,000. Finally, Keybank National Association OH acquired a new stake in shares of Syndax Pharmaceuticals in the third quarter worth $2,305,000.

Syndax Pharmaceuticals Trading Up 6.6%

The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -7.30 and a beta of 0.41. The company's 50 day moving average is $23.03 and its 200 day moving average is $20.43. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.12 and a current ratio of 4.40.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.11. The firm had revenue of $64.86 million during the quarter, compared to analysts' expectations of $69.76 million. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 216.23%. The business's quarterly revenue was up 224.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.98) EPS. On average, research analysts forecast that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current fiscal year.

About Syndax Pharmaceuticals

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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