HC Wainwright Reiterates Buy Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $40.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 65.77% from the stock’s current price.

Several other research firms have also recently commented on SNDX. Mizuho lowered their price target on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Jefferies Financial Group reissued a “buy” rating and set a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, June 24th. The Goldman Sachs Group upped their target price on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, April 1st. Finally, UBS Group reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.55.

Syndax Pharmaceuticals Stock Performance

SNDX stock opened at $24.13 on Wednesday. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. The stock has a market cap of $2.14 billion, a P/E ratio of -8.65 and a beta of 0.37. The firm has a 50 day simple moving average of $20.21 and a 200 day simple moving average of $21.39. Syndax Pharmaceuticals has a 52 week low of $9.03 and a 52 week high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative net margin of 111.88% and a negative return on equity of 256.65%. The firm had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. During the same quarter in the prior year, the business earned ($0.98) EPS. The company’s revenue for the quarter was up 224.3% compared to the same quarter last year. Research analysts anticipate that Syndax Pharmaceuticals will post -1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the sale, the chief executive officer directly owned 484,843 shares in the company, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Nicholas A.J. Botwood sold 34,280 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $18.00, for a total transaction of $617,040.00. Following the completion of the sale, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,095,930. The trade was a 36.02% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 105,914 shares of company stock valued at $2,120,789. Corporate insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNDX. Larson Financial Group LLC boosted its holdings in Syndax Pharmaceuticals by 192.2% during the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after purchasing an additional 1,922 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Syndax Pharmaceuticals in the 3rd quarter worth approximately $53,000. Smartleaf Asset Management LLC lifted its position in shares of Syndax Pharmaceuticals by 2,698.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock worth $55,000 after buying an additional 2,564 shares during the period. Lazard Asset Management LLC acquired a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at $66,000. Finally, Tower Research Capital LLC TRC raised its stake in Syndax Pharmaceuticals by 103.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company’s stock worth $79,000 after acquiring an additional 4,308 shares in the last quarter.

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.