Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 6.3%

Syndax Pharmaceuticals Inc (NASDAQ:SNDX) shares rose 6.3% during trading on Thursday . The company traded as high as $9.45 and last traded at $9.05. Approximately 208,409 shares changed hands during trading, an increase of 26% from the average daily volume of 165,102 shares. The stock had previously closed at $8.51.

SNDX has been the topic of a number of research analyst reports. ValuEngine upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, March 21st. Morgan Stanley set a $5.00 target price on Syndax Pharmaceuticals and gave the stock a “hold” rating in a research report on Friday, March 8th. Nomura lifted their target price on Syndax Pharmaceuticals to $16.00 and gave the stock a “buy” rating in a research report on Friday, March 8th. HC Wainwright reiterated a “buy” rating and set a $16.00 target price (down previously from $22.00) on shares of Syndax Pharmaceuticals in a research report on Friday, March 8th. They noted that the move was a valuation call. Finally, B. Riley set a $26.00 target price on Syndax Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, March 8th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $14.61.

The company has a market cap of $245.22 million, a PE ratio of -3.19 and a beta of 2.23. The business’s 50-day moving average price is $7.81. The company has a current ratio of 6.24, a quick ratio of 6.24 and a debt-to-equity ratio of 0.01.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.56) by $0.03. The firm had revenue of $0.38 million for the quarter, compared to analysts’ expectations of $0.38 million. Syndax Pharmaceuticals had a negative return on equity of 107.48% and a negative net margin of 4,539.55%. Analysts predict that Syndax Pharmaceuticals Inc will post -1.98 earnings per share for the current fiscal year.

In related news, CEO Briggs Morrison purchased 20,400 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $7.46 per share, for a total transaction of $152,184.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 8.30% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Telemetry Investments L.L.C. increased its position in Syndax Pharmaceuticals by 116.9% in the 4th quarter. Telemetry Investments L.L.C. now owns 50,000 shares of the company’s stock valued at $222,000 after acquiring an additional 26,947 shares during the period. Raymond James & Associates acquired a new position in Syndax Pharmaceuticals in the 4th quarter valued at about $98,000. Northern Trust Corp increased its position in Syndax Pharmaceuticals by 1.6% in the 4th quarter. Northern Trust Corp now owns 175,492 shares of the company’s stock valued at $781,000 after acquiring an additional 2,690 shares during the period. 683 Capital Management LLC increased its position in Syndax Pharmaceuticals by 157.7% in the 4th quarter. 683 Capital Management LLC now owns 1,342,839 shares of the company’s stock valued at $5,976,000 after acquiring an additional 821,839 shares during the period. Finally, Morgan Stanley increased its position in Syndax Pharmaceuticals by 10.7% in the 3rd quarter. Morgan Stanley now owns 269,595 shares of the company’s stock valued at $2,178,000 after acquiring an additional 26,043 shares during the period. Hedge funds and other institutional investors own 62.64% of the company’s stock.

About Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates include entinostat, which is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

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