Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 10.9% Higher After Analyst Upgrade

Syndax Pharmaceuticals' stock rose 10.9% after Barclays upgraded its price target from $22 to $35, maintaining an overweight rating. The stock traded as high as $19.52, with a trading volume of 1,921,125 shares, down 19% from the average. Other analysts have also issued positive ratings, contributing to the stock's performance.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s share price rose 10.9% during trading on Monday after Barclays raised their price target on the stock from $22.00 to $35.00. Barclays currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $19.52 and last traded at $19.3450. Approximately 1,921,125 shares were traded during trading, a decline of 19% from the average daily volume of 2,377,498 shares. The stock had previously closed at $17.44.

Several other equities research analysts have also recently issued reports on SNDX. Wall Street Zen upgraded Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, November 8th. UBS Group lifted their price objective on Syndax Pharmaceuticals from $35.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday, November 4th. Guggenheim assumed coverage on Syndax Pharmaceuticals in a report on Thursday, September 4th. They set a "buy" rating and a $34.00 target price on the stock. B. Riley upgraded Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Finally, Stifel Nicolaus assumed coverage on Syndax Pharmaceuticals in a research note on Wednesday, September 10th. They issued a "buy" rating and a $44.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Syndax Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $37.20.

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Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 157,307 shares of the business's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the completion of the transaction, the chief executive officer owned 298,661 shares of the company's stock, valued at approximately $4,901,027.01. The trade was a 34.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in SNDX. Vanguard Group Inc. lifted its stake in Syndax Pharmaceuticals by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 5,138,617 shares of the company's stock valued at $79,058,000 after purchasing an additional 104,683 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company's stock worth $35,951,000 after buying an additional 967,873 shares in the last quarter. Kingdon Capital Management L.L.C. lifted its stake in shares of Syndax Pharmaceuticals by 19.0% in the 3rd quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company's stock valued at $38,462,000 after acquiring an additional 400,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Syndax Pharmaceuticals by 1.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,390,561 shares of the company's stock valued at $36,779,000 after acquiring an additional 30,884 shares in the last quarter. Finally, Stempoint Capital LP grew its position in Syndax Pharmaceuticals by 48.4% during the 2nd quarter. Stempoint Capital LP now owns 2,372,634 shares of the company's stock worth $22,220,000 after acquiring an additional 774,040 shares during the last quarter.

Syndax Pharmaceuticals Price Performance

The business has a 50-day moving average of $15.39 and a two-hundred day moving average of $12.93. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06. The firm has a market cap of $1.67 billion, a P/E ratio of -4.92 and a beta of 0.73.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, beating analysts' consensus estimates of ($0.74) by $0.04. The firm had revenue of $45.87 million for the quarter, compared to analyst estimates of $49.08 million. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The business's revenue for the quarter was up 266.4% on a year-over-year basis. During the same period last year, the firm posted ($0.98) earnings per share. On average, sell-side analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Syndax Pharmaceuticals Company Profile

(Get Free Report)

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).

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