Syndax Pharmaceuticals (NASDAQ:SNDX) Coverage Initiated by Analysts at Guggenheim

Guggenheim assumed coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research report issued on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $34.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 99.53% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. UBS Group reduced their target price on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, July 15th. BTIG Research upped their price target on shares of Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Citigroup upped their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. The Goldman Sachs Group assumed coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, July 10th. They set a “buy” rating and a $18.00 price target on the stock. Finally, B. Riley raised shares of Syndax Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $38.89.

Syndax Pharmaceuticals Stock Performance

Shares of SNDX opened at $17.04 on Thursday. Syndax Pharmaceuticals has a 12 month low of $8.58 and a 12 month high of $22.50. The firm has a fifty day simple moving average of $12.22 and a 200 day simple moving average of $12.03. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -4.38 and a beta of 0.72. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.01) by $0.18. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The business had revenue of $37.96 million during the quarter, compared to analysts’ expectations of $26.64 million. During the same quarter in the prior year, the company posted ($0.80) earnings per share. The firm’s revenue was up 984.5% on a year-over-year basis. Research analysts forecast that Syndax Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael A. Metzger sold 7,534 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $9.29, for a total value of $69,990.86. Following the transaction, the chief executive officer directly owned 298,661 shares of the company’s stock, valued at $2,774,560.69. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dennis Podlesak sold 19,200 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the completion of the transaction, the director directly owned 191,763 shares in the company, valued at $3,037,525.92. The trade was a 9.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,230 shares of company stock worth $684,527 over the last three months. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Large investors have recently modified their holdings of the stock. Tang Capital Management LLC bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter valued at about $1,322,000. Polar Asset Management Partners Inc. bought a new position in Syndax Pharmaceuticals during the fourth quarter worth about $1,124,000. Deutsche Bank AG increased its position in Syndax Pharmaceuticals by 127.7% during the first quarter. Deutsche Bank AG now owns 204,732 shares of the company’s stock worth $2,516,000 after acquiring an additional 114,828 shares during the period. XTX Topco Ltd bought a new position in Syndax Pharmaceuticals during the first quarter worth about $783,000. Finally, Aigen Investment Management LP bought a new position in Syndax Pharmaceuticals during the first quarter worth about $297,000.

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).