Syndax Pharmaceuticals, Inc. (SNDX) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) from a hold rating to a buy rating in a research report released on Friday, May 12th. They currently have $9.25 target price on the stock.

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. “

Several other research analysts have also issued reports on SNDX. Oppenheimer Holdings, Inc. set a $25.00 price target on shares of Syndax Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, January 26th. Nomura assumed coverage on shares of Syndax Pharmaceuticals in a research report on Wednesday, March 1st. They set a buy rating on the stock. Instinet initiated coverage on shares of Syndax Pharmaceuticals in a research report on Wednesday, March 1st. They set a buy rating and a $27.00 price objective on the stock. FBR & Co initiated coverage on shares of Syndax Pharmaceuticals in a report on Thursday, March 16th. They set an outperform rating and a $27.00 price target on the stock. Finally, Cowen and Company initiated coverage on shares of Syndax Pharmaceuticals in a report on Friday, March 24th. They set an outperform rating on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $23.75.

Shares of Syndax Pharmaceuticals (NASDAQ:SNDX) traded up 4.09% during mid-day trading on Friday, hitting $11.20. 175,478 shares of the company’s stock traded hands. Syndax Pharmaceuticals has a 52 week low of $6.31 and a 52 week high of $18.03. The firm has a 50-day moving average of $10.88 and a 200 day moving average of $10.29. The company’s market cap is $204.46 million.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings results on Monday, May 8th. The company reported ($0.71) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.74) by $0.03. The company had revenue of $0.31 million during the quarter, compared to analyst estimates of $0.31 million. Syndax Pharmaceuticals had a negative net margin of 3,861.72% and a negative return on equity of 52.82%. Equities research analysts predict that Syndax Pharmaceuticals will post ($3.63) EPS for the current year.

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In related news, insider Peter Ordentlich sold 5,000 shares of Syndax Pharmaceuticals stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $15.00, for a total value of $75,000.00. Following the completion of the sale, the insider now directly owns 5,000 shares in the company, valued at $75,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.10% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Syndax Pharmaceuticals by 8.3% in the first quarter. Wellington Management Group LLP now owns 2,539,820 shares of the company’s stock valued at $34,847,000 after buying an additional 195,172 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Syndax Pharmaceuticals by 5.0% in the first quarter. Vanguard Group Inc. now owns 409,924 shares of the company’s stock worth $5,624,000 after buying an additional 19,522 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of Syndax Pharmaceuticals by 33.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 225,000 shares of the company’s stock worth $1,613,000 after buying an additional 56,228 shares in the last quarter. Sphera Funds Management LTD. purchased a new position in shares of Syndax Pharmaceuticals during the third quarter worth approximately $2,521,000. Finally, Morgan Stanley increased its position in shares of Syndax Pharmaceuticals by 209.0% in the first quarter. Morgan Stanley now owns 119,987 shares of the company’s stock worth $1,646,000 after buying an additional 81,159 shares in the last quarter. Hedge funds and other institutional investors own 54.45% of the company’s stock.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc (Syndax) is a clinical stage biopharmaceutical company focused on developing a pipeline of combination therapies in multiple cancer indications. The Company’s product candidate, entinostat, which was granted Breakthrough Therapy designation by the FDA following positive results from its Phase IIb clinical trial, ENCORE 301, is being evaluated in a Phase III clinical trial for advanced hormone receptor positive breast cancer.

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