Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month High on Analyst Upgrade

Syndax Pharmaceuticals Inc (NASDAQ:SNDX)’s stock price hit a new 52-week high on Thursday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $23.00 price target on the stock. Syndax Pharmaceuticals traded as high as $21.97 and last traded at $19.10, with a volume of 1034200 shares traded. The stock had previously closed at $19.10.

According to Zacks, “Syndax Pharmaceuticals, Inc. is a biopharmaceutical company which focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. The Company’s product pipeline includes ENCORE 601, ENCORE 602, J1353, NCI-7870, NCI-9844, E2112, NCI-8871 and NCI-9253 which are in clinical trial stage. Syndax Pharmaceuticals, Inc. is based in WALTHAM, United States. “

SNDX has been the subject of a number of other research reports. Nomura boosted their target price on Syndax Pharmaceuticals from $16.00 to $31.00 in a research report on Friday, May 8th. BidaskClub raised shares of Syndax Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, March 24th. ValuEngine raised shares of Syndax Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, April 2nd. Nomura Securities reaffirmed a “buy” rating and set a $16.00 price target on shares of Syndax Pharmaceuticals in a research report on Thursday, March 26th. Finally, Robert W. Baird upped their price target on shares of Syndax Pharmaceuticals from $27.00 to $33.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $22.22.

Several large investors have recently made changes to their positions in SNDX. Citigroup Inc. grew its stake in shares of Syndax Pharmaceuticals by 88.7% during the 4th quarter. Citigroup Inc. now owns 4,141 shares of the company’s stock valued at $36,000 after acquiring an additional 1,947 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Syndax Pharmaceuticals by 131.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,449 shares of the company’s stock valued at $71,000 after acquiring an additional 3,661 shares during the period. AQR Capital Management LLC bought a new position in shares of Syndax Pharmaceuticals during the 1st quarter valued at approximately $118,000. Northstar Wealth Partners LLC bought a new position in shares of Syndax Pharmaceuticals during the 1st quarter valued at approximately $120,000. Finally, California Public Employees Retirement System bought a new position in shares of Syndax Pharmaceuticals during the 4th quarter valued at approximately $126,000. Institutional investors own 50.68% of the company’s stock.

The stock has a 50 day moving average of $14.30 and a 200-day moving average of $10.11. The company has a market capitalization of $728.22 million, a P/E ratio of -8.51 and a beta of 1.93. The company has a current ratio of 5.55, a quick ratio of 5.55 and a debt-to-equity ratio of 0.38.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.05). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.38 million. Syndax Pharmaceuticals had a negative net margin of 4,013.65% and a negative return on equity of 132.06%. As a group, sell-side analysts expect that Syndax Pharmaceuticals Inc will post -2.08 EPS for the current fiscal year.

Syndax Pharmaceuticals Company Profile (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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