Syndax Pharmaceuticals (NASDAQ:SNDX) Earns “Buy” Rating from HC Wainwright

Syndax Pharmaceuticals (NASDAQ:SNDX)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $38.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 180.86% from the company’s previous close.

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

Syndax Pharmaceuticals Stock Down 3.0%

NASDAQ:SNDX opened at $13.53 on Tuesday. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -5.39 and a beta of 0.42. Syndax Pharmaceuticals has a twelve month low of $12.99 and a twelve month high of $25.59. The stock’s 50 day moving average price is $18.75 and its two-hundred day moving average price is $20.32. The company has a quick ratio of 6.44, a current ratio of 6.77 and a debt-to-equity ratio of 38.95.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The company had revenue of $72.79 million during the quarter, compared to analyst estimates of $79.36 million. During the same period in the previous year, the company posted ($0.83) EPS. The company’s quarterly revenue was up 91.8% compared to the same quarter last year. Equities research analysts expect that Syndax Pharmaceuticals will post -2.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Syndax Pharmaceuticals during the 2nd quarter worth $197,177,000. Bank of America Corp DE bought a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $88,426,000. Elmind Capital LP bought a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $40,550,300. Trails Edge Capital Partners LP bought a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at about $24,264,600. Finally, Bank of New York Mellon Corp acquired a new position in shares of Syndax Pharmaceuticals in the second quarter valued at about $22,736,000.

Syndax Pharmaceuticals News Summary

Here are the key news stories impacting Syndax Pharmaceuticals this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and maintained a $38 price target, implying substantial upside from recent trading levels. This indicates the firm continues to see value in Syndax’s remaining pipeline despite the trial failure.
• Positive Sentiment: Bank of America Securities said the selloff following the trial news appears “overdone,” suggesting investors may have disproportionately discounted the company’s other assets and future opportunities. Bank of America assessment of Syndax selloff
• Neutral Sentiment: SueWallSt announced a pending investigation into potential securities-law violations on behalf of shareholders who suffered losses. The notice is an allegation and does not establish wrongdoing by Syndax, but it could add legal and reputational pressure. Syndax investigation notice
• Negative Sentiment: Syndax’s Phase 2 MAXPIRe trial of axatilimab in idiopathic pulmonary fibrosis failed to meet its primary endpoint—the annualized rate of decline in forced vital capacity. The result undermines the drug’s potential in this large indication and triggered a steep selloff. Syndax MAXPIRe trial misses primary endpoint
• Negative Sentiment: The company plans to abandon further development of axatilimab in idiopathic pulmonary fibrosis, reducing the drug’s commercial opportunity and increasing investor focus on Syndax’s remaining programs. Syndax abandons idiopathic pulmonary fibrosis development

About Syndax Pharmaceuticals

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.