Syndax Pharmaceuticals Inc (NASDAQ:SNDX) Sees Significant Drop in Short Interest

Syndax Pharmaceuticals Inc (NASDAQ:SNDX) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 646,800 shares, a decrease of 7.7% from the June 30th total of 700,600 shares. Based on an average trading volume of 140,100 shares, the days-to-cover ratio is presently 4.6 days. Approximately 3.3% of the shares of the stock are sold short.

Institutional investors have recently bought and sold shares of the company. Algert Global LLC purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter worth approximately $148,000. Vanguard Group Inc. raised its stake in shares of Syndax Pharmaceuticals by 8.5% in the second quarter. Vanguard Group Inc. now owns 1,029,150 shares of the company’s stock worth $9,581,000 after purchasing an additional 80,761 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Syndax Pharmaceuticals by 97.7% in the second quarter. Jacobs Levy Equity Management Inc. now owns 32,032 shares of the company’s stock worth $298,000 after purchasing an additional 15,832 shares during the last quarter. BlackRock Inc. raised its stake in shares of Syndax Pharmaceuticals by 12.3% in the second quarter. BlackRock Inc. now owns 1,681,507 shares of the company’s stock worth $15,655,000 after purchasing an additional 183,872 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Syndax Pharmaceuticals by 39.2% in the second quarter. Parametric Portfolio Associates LLC now owns 18,314 shares of the company’s stock worth $171,000 after purchasing an additional 5,162 shares during the last quarter. 62.76% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on the company. Nomura reiterated a “buy” rating and set a $16.00 target price on shares of Syndax Pharmaceuticals in a research report on Sunday. HC Wainwright reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Tuesday, July 16th. Zacks Investment Research downgraded Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Cowen reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Thursday, August 8th. Finally, ValuEngine upgraded Syndax Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $14.61.

Shares of NASDAQ:SNDX traded down $0.22 during trading on Thursday, reaching $10.00. 80,219 shares of the company traded hands, compared to its average volume of 163,759. The company’s 50 day moving average is $9.25 and its two-hundred day moving average is $7.28. The firm has a market capitalization of $277.37 million, a PE ratio of -3.42 and a beta of 2.41. The company has a quick ratio of 4.90, a current ratio of 4.90 and a debt-to-equity ratio of 0.01. Syndax Pharmaceuticals has a 52 week low of $3.39 and a 52 week high of $11.11.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Wednesday, August 7th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.39 million. Syndax Pharmaceuticals had a negative net margin of 4,310.68% and a negative return on equity of 108.44%. As a group, research analysts anticipate that Syndax Pharmaceuticals will post -1.98 EPS for the current year.

Syndax Pharmaceuticals Company Profile

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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