Granahan Investment Management LLC Cuts Stock Holdings in Syndax Pharmaceuticals, Inc. $SNDX

Granahan Investment Management LLC decreased its position in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) by 60.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 396,336 shares of the company’s stock after selling 595,052 shares during the quarter. Granahan Investment Management LLC’s holdings in Syndax Pharmaceuticals were worth $6,098,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Syndax Pharmaceuticals by 2.1% during the third quarter. Vanguard Group Inc. now owns 5,138,617 shares of the company’s stock valued at $79,058,000 after purchasing an additional 104,683 shares in the last quarter. Bank of America Corp DE grew its position in Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock worth $35,951,000 after purchasing an additional 967,873 shares in the last quarter. Franklin Resources Inc. increased its stake in Syndax Pharmaceuticals by 1.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,390,561 shares of the company’s stock valued at $36,779,000 after buying an additional 30,884 shares during the last quarter. Stempoint Capital LP lifted its position in shares of Syndax Pharmaceuticals by 48.4% during the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company’s stock worth $22,220,000 after buying an additional 774,040 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Syndax Pharmaceuticals by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,049,350 shares of the company’s stock worth $19,195,000 after buying an additional 26,365 shares in the last quarter.

Syndax Pharmaceuticals Trading Down 2.0%

Shares of SNDX stock opened at $23.50 on Monday. The company has a quick ratio of 4.12, a current ratio of 4.40 and a debt-to-equity ratio of 5.32. The firm has a market cap of $2.07 billion, a P/E ratio of -7.14 and a beta of 0.42. The company has a 50 day moving average of $21.18 and a 200-day moving average of $18.56. Syndax Pharmaceuticals, Inc. has a 12-month low of $8.58 and a 12-month high of $25.16.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative net margin of 165.37% and a negative return on equity of 206.62%. The firm had revenue of $68.73 million during the quarter, compared to analysts’ expectations of $64.75 million. During the same quarter in the previous year, the company posted ($1.10) EPS. Syndax Pharmaceuticals’s revenue for the quarter was up 792.6% on a year-over-year basis. Sell-side analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SNDX. Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. BTIG Research reiterated a “buy” rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. Barclays boosted their price objective on Syndax Pharmaceuticals from $22.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Citigroup upped their price objective on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Finally, JPMorgan Chase & Co. raised their target price on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.10.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CFO Keith A. Goldan sold 3,410 shares of the stock in a transaction on Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $71,712.30. Following the completion of the transaction, the chief financial officer owned 140,429 shares in the company, valued at approximately $2,953,221.87. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael A. Metzger sold 17,159 shares of Syndax Pharmaceuticals stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the sale, the chief executive officer directly owned 491,690 shares of the company’s stock, valued at approximately $10,340,240.70. This trade represents a 3.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 30,063 shares of company stock worth $628,332. Corporate insiders own 4.10% of the company’s stock.

Syndax Pharmaceuticals 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.