Syndax Pharmaceuticals (NASDAQ:SNDX) Upgraded at HC Wainwright

Key Points

• Syndax Pharmaceuticals has been upgraded to a "strong-buy" rating by HC Wainwright, with several other analysts also raising their price targets, indicating positive sentiment towards the stock.
• The company reported a significant year-over-year revenue increase of 984.5%, reaching $37.96 million in its latest earnings report, beating analysts' expectations.
• Insider selling is notable, with CEO Michael A. Metzger and Director Dennis Podlesak both reducing their positions in the company, indicating possible caution among insiders despite the positive analyst outlook.

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

A number of other research analysts have also commented on SNDX. Citigroup upped their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. B. Riley raised Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Stifel Nicolaus initiated coverage on shares of Syndax Pharmaceuticals in a report on Wednesday, September 10th. They issued a "buy" rating and a $44.00 price objective for the company. 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 research report on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $38.00.

Syndax Pharmaceuticals Trading Up 0.1%

NASDAQ SNDX opened at $15.05 on Wednesday. Syndax Pharmaceuticals has a 1-year low of $8.58 and a 1-year high of $22.50. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06. The stock has a 50-day moving average of $15.49 and a 200-day moving average of $12.33. The firm has a market cap of $1.30 billion, a PE ratio of -3.87 and a beta of 0.68.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating analysts' consensus estimates of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The company had revenue of $37.96 million during the quarter, compared to analyst estimates of $26.64 million. During the same quarter in the previous year, the company posted ($0.80) EPS. Syndax Pharmaceuticals's revenue for the quarter was up 984.5% on a year-over-year basis. As a group, sell-side analysts forecast that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Transactions at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 157,307 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $16.41, for a total value of $2,581,407.87. Following the sale, the chief executive officer directly owned 298,661 shares of the company's stock, valued at $4,901,027.01. The trade was a 34.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dennis Podlesak sold 19,200 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,707 shares of company stock valued at $3,183,904. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently bought and sold shares of SNDX. Quarry LP purchased a new position in Syndax Pharmaceuticals in the 1st quarter worth about $25,000. Lazard Asset Management LLC bought a new stake in shares of Syndax Pharmaceuticals in the second quarter worth approximately $66,000. Tower Research Capital LLC TRC grew its stake in shares of Syndax Pharmaceuticals by 103.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock worth $79,000 after acquiring an additional 4,308 shares during the period. Prudential Financial Inc. purchased a new position in shares of Syndax Pharmaceuticals during the second quarter valued at approximately $97,000. Finally, Raymond James Financial Inc. bought a new position in Syndax Pharmaceuticals during the second quarter valued at approximately $103,000.

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).

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