Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 6% – Should You Buy?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares shot up 6% on Wednesday . The company traded as high as $24.75 and last traded at $24.63. 1,223,386 shares traded hands during trading, a decline of 24% from the average daily volume of 1,615,878 shares. The stock had previously closed at $23.24.

Wall Street Analysts Forecast Growth

SNDX has been the topic of a number of recent analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a research report on Monday, March 30th. The Goldman Sachs Group boosted their price target on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, April 1st. UBS Group reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. HC Wainwright reiterated a “buy” rating and set a $40.00 price objective on shares of Syndax Pharmaceuticals in a research report on Friday, June 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.55.

Syndax Pharmaceuticals Stock Performance

The firm has a market capitalization of $2.19 billion, a PE ratio of -8.85 and a beta of 0.37. The business has a 50-day simple moving average of $19.89 and a 200-day simple moving average of $21.29. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results 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 return on equity of 256.65% and a negative net margin of 111.88%.The company 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 firm posted ($0.98) EPS. Syndax Pharmaceuticals’s quarterly revenue was up 224.3% compared to the same quarter last year. Equities research analysts expect that Syndax Pharmaceuticals, Inc. will post -1.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Nicholas A.J. Botwood sold 31,235 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $18.14, for a total value of $566,602.90. Following the sale, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,104,453.90. This represents a 33.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael A. Metzger sold 6,847 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the sale, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at $9,207,168.57. This represents a 1.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 73,539 shares of company stock valued at $1,336,019. 4.80% of the stock is owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Elmind Capital LP purchased a new position in Syndax Pharmaceuticals in the 4th quarter worth about $38,974,000. Vanguard Group Inc. boosted its position in Syndax Pharmaceuticals by 21.2% in the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after buying an additional 1,091,717 shares during the period. Bank of America Corp DE grew its stake 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 worth $35,951,000 after acquiring an additional 967,873 shares in the last quarter. Orbimed Advisors LLC purchased a new position in shares of Syndax Pharmaceuticals during the first quarter worth approximately $22,479,000. Finally, Qube Research & Technologies Ltd increased its position in shares of Syndax Pharmaceuticals by 99.5% during the second quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock worth $15,601,000 after acquiring 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.