JPMorgan Chase & Co. Cuts Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target to $40.00

Syndax Pharmaceuticals (NASDAQ:SNDX) had its target price lowered by JPMorgan Chase & Co. from $44.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms also recently commented on SNDX. Bank of America reissued a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Barclays lifted their price target on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, May 1st. HC Wainwright decreased their price target on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Weiss Ratings downgraded shares of Syndax Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. Finally, UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.91.

Syndax Pharmaceuticals Stock Down 3.6%

Shares of SNDX opened at $19.08 on Tuesday. The business’s 50 day moving average is $20.54 and its 200 day moving average is $21.35. The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95. Syndax Pharmaceuticals has a 12-month low of $12.99 and a 12-month high of $25.59. The company has a market capitalization of $1.69 billion, a PE ratio of -7.60 and a beta of 0.40.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.The business had revenue of $72.79 million during the quarter, compared to the consensus estimate of $79.36 million. During the same quarter in the previous year, the company earned ($0.83) earnings per share. The company’s revenue for the quarter was up 91.8% compared to the same quarter last year. Research analysts expect that Syndax Pharmaceuticals will post -1.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the transaction, the chief executive officer owned 484,843 shares in the company, valued at $11,752,594.32. This trade represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the transaction, the chief marketing officer owned 60,885 shares of the company’s stock, valued at $1,095,930. This trade represents a 36.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 105,914 shares of company stock valued at $2,120,789. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Syndax Pharmaceuticals in the second quarter worth about $197,177,000. Vanguard Group Inc. raised its position in Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after purchasing an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Syndax Pharmaceuticals by 3.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after purchasing an additional 208,941 shares during the last quarter. State Street Corp lifted its stake in shares of Syndax Pharmaceuticals by 19.3% in the 4th quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after purchasing an additional 743,003 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of 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 during the period.

About Syndax Pharmaceuticals

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.