Syndax Pharmaceuticals (NASDAQ:SNDX) Trading 5.5% Higher on Analyst Upgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shot up 5.5% during trading 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.

SNDX has been the subject of several other reports. HC Wainwright reissued a “buy” rating and set a $51.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Scotiabank reduced their target price on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 8th. Citigroup lowered their price target on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, StockNews.com cut shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 23rd. 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Insider Activity

In other news, insider Neil Gallagher sold 4,618 shares of the firm’s stock in a transaction 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 sale, the insider now owns 85,095 shares in the company, valued at approximately $1,318,972.50. This trade represents a 5.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith A. Goldan sold 3,777 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $58,543.50. Following the transaction, the chief financial officer now directly owns 90,746 shares in the company, valued at approximately $1,406,563. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,683 shares of company stock valued at $336,087. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of SNDX. R Squared Ltd purchased a new stake in Syndax Pharmaceuticals in the 4th quarter valued at approximately $26,000. Quantbot Technologies LP acquired a new stake in shares of Syndax Pharmaceuticals during the third quarter valued at $49,000. Virtus ETF Advisers LLC increased its position in Syndax Pharmaceuticals by 18.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company’s stock worth $70,000 after purchasing an additional 827 shares in the last quarter. Cape Investment Advisory Inc. raised its stake in Syndax Pharmaceuticals by 157.1% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,427 shares of the company’s stock valued at $85,000 after purchasing an additional 3,927 shares during the last quarter. Finally, KBC Group NV raised its stake in Syndax Pharmaceuticals by 104.8% in the 4th quarter. KBC Group NV now owns 6,954 shares of the company’s stock valued at $92,000 after purchasing an additional 3,559 shares during the last quarter.

Syndax Pharmaceuticals Stock Performance

The company has a market capitalization of $1.19 billion, a PE ratio of -3.82 and a beta of 0.92. The stock’s fifty day simple moving average is $14.22 and its 200-day simple moving average is $16.18.

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