Syndax Pharmaceuticals Target of Unusually High Options Trading (NASDAQ:SNDX)

Key Points

• Syndax Pharmaceuticals experienced a significant increase in options trading volume, with 13,389 call options bought, representing a 904% increase over the average volume.
• Several analysts have upgraded the stock's rating, with B. Riley giving a "strong-buy" rating and BTIG increasing the target price from $43 to $56.
• In its latest earnings report, Syndax reported a revenue of $37.96 million, significantly surpassing estimates and representing a 984.5% year-over-year increase.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) was the recipient of unusually large options trading on Tuesday. Investors bought 13,389 call options on the company. Thisrepresentsanincreaseof904% compared to the typical volume of 1,333 call options.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX stock traded up $1.01 during trading on Friday, reaching $15.74. The company had a trading volume of 5,088,662 shares, compared to its average volume of 2,711,642. The firm's 50 day simple moving average is $10.35 and its two-hundred day simple moving average is $11.89. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55. Syndax Pharmaceuticals has a one year low of $8.58 and a one year high of $22.50. The company has a market capitalization of $1.36 billion, a PE ratio of -4.05 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, 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 business had revenue of $37.96 million for the quarter, compared to the consensus estimate of $26.64 million. During the same period last year, the business earned ($0.80) EPS. The firm's revenue was up 984.5% compared to the same quarter last year. Sell-side analysts forecast that Syndax Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 7,534 shares of the firm'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 completion of the sale, the chief executive officer directly owned 298,661 shares in the company, valued at approximately $2,774,560.69. This trade represents a 2.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its position in Syndax Pharmaceuticals by 37.6% in the 4th quarter. Wells Fargo & Company MN now owns 42,117 shares of the company's stock worth $557,000 after buying an additional 11,498 shares during the period. Russell Investments Group Ltd. increased its position in Syndax Pharmaceuticals by 114.8% in the 4th quarter. Russell Investments Group Ltd. now owns 29,022 shares of the company's stock worth $384,000 after buying an additional 15,508 shares during the period. Renaissance Technologies LLC bought a new position in Syndax Pharmaceuticals in the 4th quarter worth approximately $9,002,000. Optimize Financial Inc bought a new position in Syndax Pharmaceuticals in the 4th quarter worth approximately $152,000. Finally, Barclays PLC increased its position in Syndax Pharmaceuticals by 4.5% in the 4th quarter. Barclays PLC now owns 196,051 shares of the company's stock worth $2,592,000 after buying an additional 8,422 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. The Goldman Sachs Group assumed coverage on Syndax Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $18.00 price objective for the company. Wall Street Zen upgraded Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. Scotiabank lifted 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. UBS Group reduced their price target on Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Finally, Citigroup lifted their price target on Syndax Pharmaceuticals from $46.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $38.00.

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).