Syndax Pharmaceuticals (NASDAQ:SNDX) Now Covered by Stifel Nicolaus

Research analysts at Stifel Nicolaus began coverage on shares of Syndax Pharmaceuticals (NASDAQ:SNDX) in a research note issued on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $44.00 price target on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 168.78% from the company’s previous close.

Several other research analysts have also issued reports on the company. BTIG Research increased their price target on Syndax Pharmaceuticals from $43.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. UBS Group cut their target price on Syndax Pharmaceuticals from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, July 15th. The Goldman Sachs Group lifted their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 5th. B. Riley upgraded shares of Syndax Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 6th. Finally, Guggenheim started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They set a “buy” rating and a $34.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $39.22.

Syndax Pharmaceuticals Stock Up 4.1%

Shares of NASDAQ SNDX opened at $16.37 on Wednesday. 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 firm has a market cap of $1.41 billion, a PE ratio of -4.21 and a beta of 0.72. The company’s fifty day simple moving average is $12.77 and its 200 day simple moving average is $12.04. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $22.50.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Monday, August 4th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.01) by $0.18. The firm had revenue of $37.96 million for the quarter, compared to analyst estimates of $26.64 million. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The business’s quarterly revenue was up 984.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.80) earnings per share. As a group, sell-side analysts forecast that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dennis Podlesak sold 19,200 shares of the company’s stock in a transaction on Monday, August 18th. The shares were 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 in the company, valued at $3,037,525.92. This represents a 9.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael A. Metzger sold 157,307 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the completion of the sale, the chief executive officer owned 298,661 shares of the company’s stock, valued at approximately $4,901,027.01. This represents a 34.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 204,537 shares of company stock worth $3,265,935 over the last ninety days. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Quarry LP purchased a new position in shares of Syndax Pharmaceuticals in the 1st quarter worth approximately $25,000. Lazard Asset Management LLC purchased a new position in Syndax Pharmaceuticals in the second quarter worth $66,000. Tower Research Capital LLC TRC boosted its position in Syndax Pharmaceuticals by 103.3% in the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after purchasing an additional 4,308 shares during the last quarter. Prudential Financial Inc. bought a new position in Syndax Pharmaceuticals in the 2nd quarter valued at $97,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $103,000.

About Syndax Pharmaceuticals

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).