Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 9.8% Higher - Time to Buy?

Key Points

• Syndax Pharmaceuticals stock rose 9.8% during trading, reaching a high of $15.77, with a significant volume of over 3 million shares traded.
• Multiple brokerages have upgraded their ratings on Syndax, with Citigroup raising its price target to $51.00, while Guggenheim set a new target of $34.00.
• Despite reporting $37.96 million in revenue for the last quarter, the company also had a negative net margin of 428.48% and an earnings per share loss of ($0.83).

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s stock price rose 9.8% during trading on Monday . The stock traded as high as $15.77 and last traded at $15.70. Approximately 3,252,204 shares were traded during trading, an increase of 46% from the average daily volume of 2,231,516 shares. The stock had previously closed at $14.30.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SNDX. Guggenheim started coverage on Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $34.00 price target for the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. Citigroup raised their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group raised their target price on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.00.

Syndax Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -4.00 and a beta of 0.68. The company has a debt-to-equity ratio of 2.06, a quick ratio of 4.55 and a current ratio of 4.71. The firm's 50 day moving average is $15.52 and its 200-day moving average is $12.34.

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 analysts' consensus estimates 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 business had revenue of $37.96 million during the quarter, compared to the consensus estimate of $26.64 million. During the same quarter in the prior year, the firm posted ($0.80) earnings per share. The company's revenue was up 984.5% compared to the same quarter last year. Analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares in the company, valued at $4,901,027.01. This trade represents a 34.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dennis Podlesak sold 19,200 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $15.84, for a total transaction of $304,128.00. Following the transaction, the director owned 191,763 shares of the company's stock, valued at $3,037,525.92. This represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,707 shares of company stock worth $3,183,904 in the last quarter. Insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Syndax Pharmaceuticals in the first quarter worth approximately $25,000. Lazard Asset Management LLC acquired a new stake in Syndax Pharmaceuticals during the 2nd quarter worth $66,000. Tower Research Capital LLC TRC grew its holdings in shares of Syndax Pharmaceuticals by 103.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock worth $79,000 after buying an additional 4,308 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $97,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $103,000.

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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