Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Up 5.5% After Analyst Upgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price shot up 5.5% on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $39.00 to $41.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Syndax Pharmaceuticals traded as high as $13.51 and last traded at $13.84. 164,424 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,439,839 shares. The stock had previously closed at $13.12.

Other analysts have also recently issued research reports about the company. StockNews.com cut Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, March 4th. Citigroup reduced their price target on Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Scotiabank reduced their price target on Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Insider Buying and Selling

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,777 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $58,543.50. Following the completion of the transaction, the chief financial officer now owns 90,746 shares of the company’s stock, valued at $1,406,563. This represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Neil Gallagher sold 4,618 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $71,579.00. Following the completion of the transaction, the insider now directly owns 85,095 shares of the company’s stock, valued at approximately $1,318,972.50. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,683 shares of company stock valued at $336,087. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. acquired a new position in Syndax Pharmaceuticals in the 4th quarter valued at approximately $1,124,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Syndax Pharmaceuticals by 23.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 170,100 shares of the company’s stock valued at $2,249,000 after purchasing an additional 32,653 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter valued at approximately $1,045,000. Soleus Capital Management L.P. grew its stake in shares of Syndax Pharmaceuticals by 128.4% in the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after purchasing an additional 1,401,016 shares during the period. Finally, Twinbeech Capital LP grew its stake in shares of Syndax Pharmaceuticals by 79.2% in the 4th quarter. Twinbeech Capital LP now owns 355,900 shares of the company’s stock valued at $4,705,000 after purchasing an additional 157,321 shares during the period.

Syndax Pharmaceuticals Stock Performance

The company has a market capitalization of $1.18 billion, a P/E ratio of -3.78 and a beta of 0.92. The firm has a 50 day moving average price of $14.24 and a two-hundred day moving average price of $16.11.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.79). The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $86.32 million. On average, equities analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

About Syndax Pharmaceuticals

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).