864,986 Shares in Syndax Pharmaceuticals, Inc. $SNDX Acquired by Palo Alto Investors LP

Palo Alto Investors LP purchased a new stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 864,986 shares of the company’s stock, valued at approximately $18,908,594. Syndax Pharmaceuticals accounts for 0.0% of Palo Alto Investors LP’s portfolio, making the stock its 14th largest holding. Palo Alto Investors LP owned approximately 0.98% of Syndax Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Syndax Pharmaceuticals during the 2nd quarter worth about $197,177,000. Bank of America Corp DE purchased a new position in Syndax Pharmaceuticals during the 2nd quarter valued at about $88,426,000. Elmind Capital LP purchased a new stake in Syndax Pharmaceuticals in the 4th quarter worth approximately $38,974,000. Trails Edge Capital Partners LP bought a new stake in Syndax Pharmaceuticals during the second quarter valued at approximately $24,264,600. Finally, Vanguard Group Inc. boosted its holdings in shares of Syndax Pharmaceuticals by 21.2% in the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock worth $130,899,000 after purchasing an additional 1,091,717 shares during the period.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals 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 directly owned 484,843 shares of the company’s stock, valued at $11,752,594.32. The trade was a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $18.14, for a total value of $566,602.90. Following the transaction, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at $1,104,453.90. The trade was a 33.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 105,914 shares of company stock valued at $2,120,789. Insiders own 4.80% of the company’s stock.

Syndax Pharmaceuticals Stock Performance

Shares of NASDAQ SNDX traded down $0.62 during midday trading on Friday, hitting $19.54. 1,042,313 shares of the company’s stock were exchanged, compared to its average volume of 1,578,268. Syndax Pharmaceuticals, Inc. has a twelve month low of $12.99 and a twelve month high of $25.59. The firm has a market cap of $1.73 billion, a P/E ratio of -7.78 and a beta of 0.40. 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 $20.92 and its 200-day moving average price is $21.29.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.10). The business had revenue of $72.79 million for the quarter, compared to analyst estimates of $79.36 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.The firm’s quarterly revenue was up 91.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.83) EPS. Equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Analyst Upgrades and Downgrades

SNDX has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. HC Wainwright reduced their target price 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. Barclays raised their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Bank of America reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Finally, UBS Group reduced their target price on Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, August 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.55.

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.