Syndax Pharmaceuticals, Inc. $SNDX Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC lowered its stake in shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) by 16.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 306,321 shares of the company’s stock after selling 60,472 shares during the period. Granahan Investment Management LLC’s holdings in Syndax Pharmaceuticals were worth $7,156,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Syndax Pharmaceuticals by 141.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 331,665 shares of the company’s stock worth $7,748,000 after acquiring an additional 194,036 shares during the period. Knott David M Jr increased its holdings in shares of Syndax Pharmaceuticals by 1.7% in the first quarter. Knott David M Jr now owns 422,000 shares of the company’s stock valued at $9,858,000 after purchasing an additional 7,000 shares during the period. Sei Investments Co. increased its holdings in shares of Syndax Pharmaceuticals by 36.3% in the first quarter. Sei Investments Co. now owns 217,600 shares of the company’s stock valued at $5,083,000 after purchasing an additional 57,962 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Syndax Pharmaceuticals by 11.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,564 shares of the company’s stock worth $467,000 after purchasing an additional 2,002 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Syndax Pharmaceuticals during the first quarter worth approximately $292,000.

Syndax Pharmaceuticals Stock Down 1.9%

SNDX opened at $20.81 on Friday. The business’s fifty day moving average is $20.45 and its two-hundred day moving average is $21.45. 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 company has a market cap of $1.84 billion, a price-to-earnings ratio of -7.46 and a beta of 0.37. Syndax Pharmaceuticals, Inc. has a one year low of $9.42 and a one year high of $25.59.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its 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 company earned ($0.98) earnings per share. Syndax Pharmaceuticals’s revenue was up 224.3% compared to the same quarter last year. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current fiscal year.

Insider Activity

In other Syndax Pharmaceuticals news, CMO Nicholas A.J. Botwood sold 31,235 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $18.14, for a total transaction of $566,602.90. Following the completion of the transaction, the chief marketing officer directly owned 60,885 shares in the company, valued at approximately $1,104,453.90. This trade represents a 33.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael A. Metzger sold 32,375 shares of Syndax Pharmaceuticals stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the transaction, the chief executive officer owned 484,843 shares of the company’s stock, valued at approximately $11,752,594.32. The trade was a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 105,914 shares of company stock worth $2,120,789 over the last quarter. Insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

SNDX has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, June 24th. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Jefferies Financial Group restated 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. HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Syndax Pharmaceuticals in a research note on Wednesday, July 15th. Finally, Mizuho lowered their target price 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. One investment 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 company’s stock. According to data from MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $42.55.

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.