Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Rating Upgraded by B. Riley

Key Points

• Syndax Pharmaceuticals' stock rating has been upgraded to a "strong-buy" by B. Riley, reflecting positive sentiment from analysts.
• The company reported significant growth in quarterly revenue, achieving $37.96 million, which is up 984.5% year-over-year.
• Despite a negative earnings report of ($0.83) per share, Syndax's share price performance and recent analyst upgrades indicate a consensus rating of "Moderate Buy".

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) was upgraded by stock analysts at B. Riley to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Syndax Pharmaceuticals to a "sell" rating in a research note on Tuesday, May 6th. Citigroup boosted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday. BTIG Research boosted their price target on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday. Scotiabank boosted their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a report on Tuesday, May 6th. Finally, Guggenheim restated a "buy" rating and set a $32.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.91.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ:SNDX opened at $12.89 on Wednesday. The firm's 50 day moving average price is $10.00 and its 200-day moving average price is $11.92. Syndax Pharmaceuticals has a twelve month low of $8.58 and a twelve month high of $22.50. The company has a quick ratio of 5.75, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $1.11 billion, a PE ratio of -3.31 and a beta of 0.74.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The firm had revenue of $37.96 million for the quarter, compared to analysts' expectations of $26.64 million. During the same quarter in the prior year, the business earned ($0.80) EPS. The business's quarterly revenue was up 984.5% on a year-over-year basis. Equities research analysts expect that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Transactions at Syndax Pharmaceuticals

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

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Tang Capital Management LLC purchased a new stake in Syndax Pharmaceuticals during the 4th quarter valued at approximately $1,322,000. Polar Asset Management Partners Inc. purchased a new stake in Syndax Pharmaceuticals during the 4th quarter valued at approximately $1,124,000. Jump Financial LLC grew its holdings in shares of Syndax Pharmaceuticals by 80.8% in the fourth quarter. Jump Financial LLC now owns 173,890 shares of the company's stock valued at $2,299,000 after purchasing an additional 77,699 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Syndax Pharmaceuticals in the first quarter valued at $783,000. Finally, Northern Trust Corp grew its holdings in shares of Syndax Pharmaceuticals by 7.5% in the fourth quarter. Northern Trust Corp now owns 792,750 shares of the company's stock valued at $10,480,000 after purchasing an additional 55,144 shares in 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).

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