Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 52-Week High – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.80 and last traded at $20.62, with a volume of 2400527 shares changing hands. The stock had previously closed at $19.51.

Analysts Set New Price Targets

SNDX has been the subject of several research reports. Guggenheim began coverage on shares of Syndax Pharmaceuticals in a report on Thursday, September 4th. They issued a “buy” rating and a $34.00 price objective for the company. The Goldman Sachs Group increased their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. UBS Group lifted their price objective on Syndax Pharmaceuticals from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. BTIG Research reiterated a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.20.

Syndax Pharmaceuticals Trading Up 5.7%

The stock’s fifty day simple moving average is $16.57 and its two-hundred day simple moving average is $13.79. The firm has a market cap of $1.79 billion, a PE ratio of -5.71 and a beta of 0.48. The company has a quick ratio of 4.42, a current ratio of 4.64 and a debt-to-equity ratio of 2.78.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Monday, November 3rd. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.04. The firm had revenue of $45.87 million during the quarter, compared to analyst estimates of $49.08 million. Syndax Pharmaceuticals had a negative net margin of 279.31% and a negative return on equity of 160.60%. The business’s revenue was up 266.4% on a year-over-year basis. During the same period last year, the business earned ($0.98) earnings per share. On average, sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Velan Capital Investment Management LP bought a new position in shares of Syndax Pharmaceuticals during the third quarter valued at $2,000,000. Scientech Research LLC bought a new stake in Syndax Pharmaceuticals during the 3rd quarter valued at about $475,000. Palo Alto Investors LP raised its holdings in Syndax Pharmaceuticals by 47.4% in the third quarter. Palo Alto Investors LP now owns 654,930 shares of the company’s stock worth $10,076,000 after buying an additional 210,563 shares during the last quarter. Mariner LLC purchased a new position in Syndax Pharmaceuticals in the third quarter worth about $361,000. Finally, Larson Financial Group LLC lifted its stake in shares of Syndax Pharmaceuticals by 192.2% in the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after buying an additional 1,922 shares in the last quarter.

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).