Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Rating Reaffirmed as Buy by HC Wainwright

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $38.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 177.57% from the stock’s current price.

Several other brokerages have also recently issued reports on SNDX. JPMorgan Chase & Co. reduced their target price on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Bank of America reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Weiss Ratings raised Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. UBS Group reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Thursday, October 1st. Finally, Jefferies Financial Group reissued a “buy” rating and set a $35.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, September 29th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $41.80.

Syndax Pharmaceuticals Price Performance

Shares of SNDX stock traded up $0.16 during trading hours on Tuesday, hitting $13.69. The stock had a trading volume of 617,238 shares, compared to its average volume of 1,638,943. Syndax Pharmaceuticals has a one year low of $12.99 and a one year high of $25.59. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. The stock’s 50-day moving average price is $18.75 and its two-hundred day moving average price is $20.32. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -5.45 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Tuesday, August 4th. The company reported ($0.55) earnings per share (EPS) 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 firm had revenue of $72.79 million during the quarter, compared to the consensus estimate of $79.36 million. During the same period last year, the firm posted ($0.83) earnings per share. The company’s revenue for the quarter was up 91.8% compared to the same quarter last year. Equities analysts forecast that Syndax Pharmaceuticals will post -2.03 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SNDX. Tidal Investments LLC grew its stake in shares of Syndax Pharmaceuticals by 10.5% during the second quarter. Tidal Investments LLC now owns 72,212 shares of the company’s stock valued at $1,579,000 after buying an additional 6,886 shares during the last quarter. WINTON GROUP Ltd boosted its holdings in shares of Syndax Pharmaceuticals by 642.7% in the second quarter. WINTON GROUP Ltd now owns 76,500 shares of the company’s stock valued at $1,672,000 after purchasing an additional 66,200 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at approximately $73,000. Squarepoint Ops LLC boosted its holdings in shares of Syndax Pharmaceuticals by 104.0% in the second quarter. Squarepoint Ops LLC now owns 370,317 shares of the company’s stock valued at $8,095,000 after purchasing an additional 188,765 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Syndax Pharmaceuticals by 2.9% in the second quarter. Arizona State Retirement System now owns 23,120 shares of the company’s stock valued at $505,000 after purchasing an additional 642 shares during the period.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research programs target biological pathways involved in malignancy and immune-related conditions, with an emphasis on medicines that may address significant unmet medical needs.

Syndax’s lead product, Revuforj (revumenib), is an oral menin inhibitor approved by the U.S. Food and Drug Administration for treating relapsed or refractory acute leukemia with a KMT2A translocation in adults and pediatric patients aged one year and older.