Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 4.4% Higher - Here's What Happened

Key Points

• Syndax Pharmaceuticals' stock rose 4.4% to $14.04 during Thursday's trading, although trading volume was 80% lower than average.
• Analysts have given a consensus rating of "Moderate Buy" with a target price average of $36.91, despite varied individual ratings ranging from sell to strong buy.
• The company reported a significant revenue increase of 984.5% year-over-year, posting $37.96 million for the quarter, while beating EPS estimates.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares traded up 4.4% on Thursday . The company traded as high as $14.01 and last traded at $14.04. 449,627 shares changed hands during trading, a decline of 80% from the average session volume of 2,224,287 shares. The stock had previously closed at $13.45.

Analysts Set New Price Targets

Several equities analysts have recently commented on SNDX shares. BTIG Research upped their price objective on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. The Goldman Sachs Group began coverage on shares of Syndax Pharmaceuticals in a research note on Thursday, July 10th. They set a "buy" rating and a $18.00 price target on the stock. UBS Group lowered their price objective on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. Guggenheim reaffirmed a "buy" rating and set a $32.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. Finally, B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of "Buy" and an average price target of $38.00.

Syndax Pharmaceuticals Stock Performance

The company has a quick ratio of 4.55, a current ratio of 4.71 and a debt-to-equity ratio of 2.06. The stock has a fifty day moving average price of $10.53 and a 200-day moving average price of $11.90. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -3.96 and a beta of 0.74.

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

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, Director Dennis Podlesak sold 19,200 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the sale, the director directly owned 191,763 shares in the company, valued at approximately $3,037,525.92. The trade was a 9.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael A. Metzger sold 7,534 shares of the company's stock in a transaction dated 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 owned 298,661 shares in the company, valued at $2,774,560.69. The trade was a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 47,230 shares of company stock valued at $684,527. 4.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of Syndax Pharmaceuticals in the first quarter valued at $25,000. Virtus ETF Advisers LLC grew its holdings in Syndax Pharmaceuticals by 18.6% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company's stock valued at $70,000 after purchasing an additional 827 shares during the period. Lazard Asset Management LLC acquired a new position in Syndax Pharmaceuticals during the second quarter worth approximately $66,000. Tower Research Capital LLC TRC raised its stake in 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 purchasing an additional 4,308 shares during the period. Finally, Prudential Financial Inc. acquired a new position in shares of Syndax Pharmaceuticals in the 2nd quarter valued at $97,000.

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).