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

Key Points

• Unusually heavy options activity hit Syndax Pharmaceuticals, with traders buying 2,329 call options on Tuesday, about 254% above its normal daily volume.
• The stock rose 4.1% to $17.65, though it still trades below its 50-day and 200-day moving averages. Shares have ranged from a 52-week low of $8.59 to a high of $25.59.
• Analysts remain generally bullish, with an average rating of Moderate Buy and a consensus price target of $42.55. Recent earnings beat EPS expectations, but revenue came in below estimates despite strong year-over-year growth.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) was the target of unusually large options trading on Tuesday. Traders purchased 2,329 call options on the stock. This represents an increase of approximately 254% compared to the typical daily volume of 658 call options.

Syndax Pharmaceuticals Stock Up 4.1%

Shares of NASDAQ:SNDX traded up $0.69 during mid-day trading on Tuesday, hitting $17.65. 204,702 shares of the company traded hands, compared to its average volume of 1,508,087. The firm's 50 day simple moving average is $21.49 and its 200 day simple moving average is $21.23. The firm has a market cap of $1.56 billion, a P/E ratio of -6.33 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. Syndax Pharmaceuticals has a 52-week low of $8.59 and a 52-week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The company had revenue of $64.86 million during the quarter, compared to the consensus estimate of $69.76 million. During the same quarter last year, the company earned ($0.98) earnings per share. Syndax Pharmaceuticals's revenue for the quarter was up 224.3% on a year-over-year basis. On average, equities analysts anticipate that Syndax Pharmaceuticals will post -1.66 EPS for the current year.

Insider Activity

In other news, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals stock in a transaction on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the completion of the sale, the chief executive officer owned 484,843 shares of the company's stock, valued at $9,207,168.57. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in SNDX. ADAR1 Capital Management LLC boosted its holdings in Syndax Pharmaceuticals by 45.8% in the first quarter. ADAR1 Capital Management LLC now owns 17,500 shares of the company's stock valued at $409,000 after purchasing an additional 5,500 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Syndax Pharmaceuticals by 31.7% in the 1st quarter. California State Teachers Retirement System now owns 103,009 shares of the company's stock valued at $2,406,000 after purchasing an additional 24,810 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Syndax Pharmaceuticals by 56.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 39,904 shares of the company's stock valued at $932,000 after buying an additional 14,443 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Syndax Pharmaceuticals by 11.0% during the 1st quarter. Quantinno Capital Management LP now owns 22,576 shares of the company's stock valued at $527,000 after buying an additional 2,237 shares during the last quarter. Finally, SummitTX Capital L.P. grew its position in shares of Syndax Pharmaceuticals by 69.6% during the first quarter. SummitTX Capital L.P. now owns 66,340 shares of the company's stock worth $1,550,000 after buying an additional 27,213 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNDX. Citigroup increased their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. Jefferies Financial Group reaffirmed a "buy" rating and set a $40.00 price target (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. Stifel Nicolaus set a $45.00 price target on shares of Syndax Pharmaceuticals in a research note on Friday, February 27th. Wall Street Zen raised shares of Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. Finally, The Goldman Sachs Group increased their target price on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Syndax Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $42.55.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax's research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company's lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.

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