Syndax Pharmaceuticals Target of Unusually Large 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 target of some unusual options trading activity on Tuesday. Investors purchased 13,389 call options on the stock. Thisrepresentsanincreaseof904% compared to the typical volume of 1,333 call options.

Syndax Pharmaceuticals Trading Up 6.9%

SNDX stock traded up $1.01 during midday trading on Friday, reaching $15.74. The company's stock had a trading volume of 5,088,662 shares, compared to its average volume of 2,711,642. 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 stock has a fifty day simple moving average of $10.35 and a two-hundred day simple moving average of $11.89. Syndax Pharmaceuticals has a 1 year low of $8.58 and a 1 year high of $22.50. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -4.05 and a beta of 0.74.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $37.96 million for the quarter, compared to analyst estimates of $26.64 million. During the same quarter last year, the firm posted ($0.80) earnings per share. The business's revenue for the quarter was up 984.5% on a year-over-year basis. On average, equities research analysts predict 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 Syndax Pharmaceuticals 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 transaction, the chief executive officer directly owned 298,661 shares of the company's stock, valued at approximately $2,774,560.69. This trade represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Tang Capital Management LLC acquired a new position in Syndax Pharmaceuticals in the fourth quarter valued at approximately $1,322,000. Polar Asset Management Partners Inc. acquired a new position in Syndax Pharmaceuticals in the fourth quarter valued at approximately $1,124,000. Jump Financial LLC lifted its holdings in 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 acquiring an additional 77,699 shares during the period. XTX Topco Ltd acquired a new position in shares of Syndax Pharmaceuticals during the 1st quarter worth approximately $783,000. Finally, Northern Trust Corp raised its stake in shares of Syndax Pharmaceuticals by 7.5% during the 4th quarter. Northern Trust Corp now owns 792,750 shares of the company's stock worth $10,480,000 after buying an additional 55,144 shares during the period.

Analysts Set New Price Targets

Several analysts recently weighed in on SNDX shares. B. Riley upgraded shares of Syndax Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, August 6th. The Goldman Sachs Group started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target on the stock. Guggenheim reiterated a "buy" rating and issued a $32.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Scotiabank lifted their price target on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a report on Tuesday, May 6th. Finally, Wall Street Zen upgraded shares of Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $36.91.

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).