Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Syndax Pharmaceuticals (NASDAQ:SNDX) had its target price upped by analysts at The Goldman Sachs Group from $28.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 44.62% from the stock’s current price.

SNDX has been the subject of several other reports. JPMorgan Chase & Co. increased their price target on shares of Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Friday. BTIG Research reissued a “buy” rating and set a $56.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. Stifel Nicolaus set a $45.00 price target on Syndax Pharmaceuticals in a report on Friday, February 27th. Finally, Citigroup lifted their price target on Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.33.

Syndax Pharmaceuticals Stock Performance

NASDAQ:SNDX traded up $0.15 during midday trading on Wednesday, reaching $23.51. The stock had a trading volume of 855,688 shares, compared to its average volume of 1,358,447. The firm has a fifty day simple moving average of $21.91 and a two-hundred day simple moving average of $19.21. Syndax Pharmaceuticals has a 12-month low of $8.58 and a 12-month high of $25.59. The company has a quick ratio of 4.12, a current ratio of 4.40 and a debt-to-equity ratio of 5.32. The stock has a market cap of $2.07 billion, a P/E ratio of -7.15 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.14). Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The firm had revenue of $68.73 million for the quarter, compared to analysts’ expectations of $64.75 million. During the same quarter in the previous year, the company posted ($1.10) EPS. The firm’s quarterly revenue was up 792.6% compared to the same quarter last year. On average, equities analysts expect that Syndax Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity

In other news, CEO Michael A. Metzger sold 17,159 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $21.03, for a total transaction of $360,853.77. Following the sale, the chief executive officer owned 491,690 shares of the company’s stock, valued at $10,340,240.70. The trade was a 3.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith A. Goldan sold 3,410 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $71,712.30. Following the completion of the sale, the chief financial officer owned 140,429 shares in the company, valued at approximately $2,953,221.87. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,063 shares of company stock worth $628,332 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Syndax Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its position in shares of Syndax Pharmaceuticals by 20.6% in the fourth quarter. Invesco Ltd. now owns 160,525 shares of the company’s stock valued at $3,373,000 after buying an additional 27,434 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Syndax Pharmaceuticals in the 4th quarter worth about $374,000. Virtus Investment Advisers LLC grew its stake in Syndax Pharmaceuticals by 214.6% in the 4th quarter. Virtus Investment Advisers LLC now owns 33,549 shares of the company’s stock valued at $705,000 after acquiring an additional 22,885 shares during the last quarter. Twinbeech Capital LP grew its stake in Syndax Pharmaceuticals by 19.4% in the 4th quarter. Twinbeech Capital LP now owns 52,900 shares of the company’s stock valued at $1,111,000 after acquiring an additional 8,606 shares during the last quarter. Finally, Sphera Funds Management LTD. increased its holdings in Syndax Pharmaceuticals by 96.7% during the 4th quarter. Sphera Funds Management LTD. now owns 762,563 shares of the company’s stock valued at $16,021,000 after acquiring an additional 374,847 shares in the last quarter.

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.