Syndax Pharmaceuticals (NASDAQ:SNDX) Now Covered by Analysts at HC Wainwright

Key Points

• Research analysts at HC Wainwright have reaffirmed a buy rating for Syndax Pharmaceuticals (SNDX) with a target price of $40.00, suggesting a potential upside of 165.96% from the current price.
• Syndax Pharmaceuticals reported a significant revenue increase of 984.5% year-over-year, with $37.96 million in revenue exceeding analyst expectations during its last quarterly earnings.
• Insider trading activity shows notable sales, with Director Dennis Podlesak and CEO Michael A. Metzger selling large quantities of stock, indicating a decrease in their ownership stakes.

Investment analysts at HC Wainwright started coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm set a "buy" rating and a $40.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 165.96% from the stock's current price.

A number of other brokerages have also recently commented on SNDX. Citigroup boosted their price target on 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 Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Weiss Ratings reissued a "sell (e+)" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. The Goldman Sachs Group upped their price objective on Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $56.00 price objective on shares of Syndax Pharmaceuticals in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $38.00.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX opened at $15.04 on Thursday. 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 business's 50 day moving average price is $15.44 and its 200-day moving average price is $12.31. Syndax Pharmaceuticals has a 52 week low of $8.58 and a 52 week high of $22.50. The stock has a market cap of $1.30 billion, a P/E ratio of -3.87 and a beta of 0.68.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping 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 firm had revenue of $37.96 million for the quarter, compared to analysts' expectations of $26.64 million. During the same period in the previous year, the firm posted ($0.80) EPS. The business's revenue for the quarter was up 984.5% compared to the same quarter last year. Equities research analysts anticipate that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 157,307 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 298,661 shares in the company, valued at $4,901,027.01. This represents a 34.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 value of $304,128.00. Following the completion of the sale, the director owned 191,763 shares of the company's stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,707 shares of company stock valued at $3,183,904. Company insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of SNDX. Rhumbline Advisers increased its stake in shares of Syndax Pharmaceuticals by 6.5% in the 1st quarter. Rhumbline Advisers now owns 120,810 shares of the company's stock worth $1,484,000 after purchasing an additional 7,361 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Syndax Pharmaceuticals in the 1st quarter worth $162,000. Bank of New York Mellon Corp increased its stake in Syndax Pharmaceuticals by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 229,758 shares of the company's stock worth $2,823,000 after buying an additional 5,497 shares in the last quarter. Cerity Partners LLC purchased a new stake in Syndax Pharmaceuticals in the 1st quarter worth $295,000. Finally, CWM LLC increased its stake in Syndax Pharmaceuticals by 795.2% in the 1st quarter. CWM LLC now owns 23,374 shares of the company's stock worth $287,000 after buying an additional 20,763 shares in the last quarter.

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).