Syndax Pharmaceuticals (NASDAQ:SNDX) has seen its target price increased from $35.00 to $38.00 by UBS Group, according to a report released on October 8, 2023. UBS currently maintains a “buy” rating on the stock, reflecting growing confidence in the company’s prospects. This adjustment comes as part of a broader trend, with several research analysts issuing their evaluations of Syndax in recent weeks.
In a report dated September 10, 2023, Stifel Nicolaus initiated coverage on Syndax, assigning a “buy” rating with a price target of $44.00. Meanwhile, on September 5, 2023, the Goldman Sachs Group raised its target from $20.00 to $24.00, also giving the stock a “buy” rating. Additionally, BTIG Research reaffirmed a “buy” rating with a price target of $56.00 on October 27, 2023, while HC Wainwright echoed this sentiment with a $40.00 target on the same date. Overall, one analyst has rated the stock as a “Strong Buy,” nine have given it a “Buy” rating, one has issued a “Hold,” and another has a “Sell” rating. Currently, the consensus target price stands at $36.70.
Shares of Syndax Pharmaceuticals experienced a notable increase of 11.6% on Tuesday, with the stock opening at $15.35. The company boasts a market capitalization of $1.32 billion, and its price-to-earnings (P/E) ratio is reported at -3.95. The stock has fluctuated between a one-year low of $8.58 and a high of $22.50. Its 50-day and 200-day moving averages are $15.33 and $12.61, respectively.
Syndax Pharmaceuticals last released its quarterly earnings on November 3, 2023. The company reported an earnings per share (EPS) of ($0.70), surpassing analysts’ expectations which estimated a loss of ($0.74). The firm’s revenue for the quarter was $45.87 million, falling slightly short of the forecasted $49.08 million. Despite these challenges, Syndax’s revenue marked a significant increase of 266.4% compared to the same period last year.
CEO Michael A. Metzger recently sold 157,307 shares of the company at an average price of $16.41, totaling approximately $2.58 million. Following this transaction, he retains 298,661 shares valued at about $4.90 million. Director Dennis Podlesak also sold 19,200 shares at an average price of $15.84, amounting to $304,128. Over the past 90 days, insiders have sold a total of 195,707 shares.
Institutional interest in Syndax has been notable, with various hedge funds adjusting their stakes. Quarry LP initiated a new position valued at approximately $25,000 in the first quarter. The Teacher Retirement System of Texas increased its stake by 11.9%, acquiring an additional 2,458 shares, bringing its total holdings to 23,132 shares valued at $217,000. Similarly, The Manufacturers Life Insurance Company raised its stake by 5.9%, now holding 44,149 shares worth about $413,000.
Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing innovative cancer therapies. Its lead candidates include revumenib, a small molecule inhibitor targeting the menin-MLL binding interaction, and SNDX-6352, a monoclonal antibody designed to inhibit the CSF-1 receptor, addressing chronic graft-versus-host disease and idiopathic pulmonary fibrosis.
As the company continues to navigate the complexities of the biopharmaceutical industry, analysts remain optimistic about its potential for growth and innovation.
