Syndax Pharmaceuticals Target of Unusually High Options Trading (NASDAQ:SNDX)

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) was the recipient of some unusual options trading activity on Tuesday. Traders bought 2,329 call options on the company. This represents an increase of 254% compared to the typical daily volume of 658 call options.

Syndax Pharmaceuticals Stock Performance

SNDX stock traded up $0.69 during midday trading on Tuesday, hitting $17.65. 204,702 shares of the company traded hands, compared to its average volume of 1,508,087. Syndax Pharmaceuticals has a twelve month low of $8.59 and a twelve month high of $25.59. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26. The business has a 50 day simple moving average of $21.49 and a 200-day simple moving average of $21.23. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -6.33 and a beta of 0.38.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $64.86 million during the quarter, compared to analysts’ expectations of $69.76 million. During the same period in the previous year, the company earned ($0.98) earnings per share. Syndax Pharmaceuticals’s revenue for the quarter was up 224.3% on a year-over-year basis. As a group, equities research analysts predict that Syndax Pharmaceuticals will post -1.66 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Mizuho lowered their price target on Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. HC Wainwright restated a “buy” rating and issued a $40.00 price target on shares of Syndax Pharmaceuticals in a research report on Wednesday, June 3rd. The Goldman Sachs Group increased their price objective on shares of Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Syndax Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $42.55.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 6,847 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $18.99, for a total transaction of $130,024.53. Following the completion of the transaction, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at $9,207,168.57. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently made changes to their positions in SNDX. Elmind Capital LP acquired a new position in shares of Syndax Pharmaceuticals during the fourth quarter worth approximately $38,974,000. Vanguard Group Inc. raised its stake in Syndax Pharmaceuticals by 21.2% during the 4th 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 last quarter. Bank of America Corp DE boosted its holdings in 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 valued at $35,951,000 after purchasing an additional 967,873 shares during the period. Orbimed Advisors LLC acquired a new stake in Syndax Pharmaceuticals in the 1st quarter worth $22,479,000. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Syndax Pharmaceuticals by 99.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock worth $15,601,000 after purchasing an additional 831,067 shares during the period.

Syndax Pharmaceuticals Company Profile

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.