Syndax Pharmaceuticals Hits 52-Week High as Analysts Boost Ratings

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) achieved a new 52-week high on November 3, 2023, with shares reaching a peak of $18.00 during trading, ultimately closing at $16.37. The trading volume for the day was notable, with 2,594,528 shares exchanged, reflecting strong investor interest. The previous closing price was $16.79, indicating a significant movement in the stock.

Analysts Project Strong Growth for Syndax

Recent reports from various brokerages indicate a positive outlook for Syndax Pharmaceuticals. Analysts have issued several upgrades, with BTIG Research reaffirming a “buy” rating and setting a target price of $56.00 on October 27, 2023. Similarly, HC Wainwright maintained a “buy” rating with a price objective of $40.00. Other notable upgrades include B. Riley, which raised its rating to “strong-buy” on August 6, and The Goldman Sachs Group, which increased its price target from $20.00 to $24.00 on September 5.

The stock has generally received favorable ratings, with one analyst giving a “Strong Buy,” nine issuing “Buy” ratings, one assigning a “Hold,” and one giving a “Sell.” According to MarketBeat, Syndax currently holds an average rating of “Moderate Buy” with a target price of $35.90.

Latest Financial Results and Insider Activity

On November 3, 2023, Syndax Pharmaceuticals released its earnings report, revealing a loss of ($0.70) earnings per share (EPS), which surpassed the consensus estimate of ($0.74) by $0.04. The company reported revenues of $45.87 million for the quarter, which fell short of analysts’ expectations of $49.08 million. Despite the revenue miss, this figure represented a substantial year-over-year increase of 266.4% compared to the same quarter last year, when the company posted ($0.98) EPS.

Insider trading activity has also drawn attention. Michael A. Metzger, the CEO, sold 157,307 shares on September 8, 2023, at an average price of $16.41, totaling approximately $2.58 million. Following this transaction, he retains 298,661 shares valued at around $4.90 million, marking a 34.50% reduction in his stake. Additionally, director Dennis Podlesak sold 19,200 shares on August 18, 2023, for a total of $304,128, resulting in a 9.10% decrease in his ownership.

Institutional Investor Movements

Institutional investors have been active in managing their positions in Syndax Pharmaceuticals. Creative Planning increased its stake by 16.4% during the third quarter, acquiring an additional 2,526 shares to reach a total of 17,970 shares valued at approximately $276,000. Meanwhile, the California State Teachers Retirement System raised its holdings by 8.7%, now owning 78,287 shares valued at around $1.20 million after adding 6,268 shares.

Other notable movements include Two Sigma Investments LP, which expanded its position by 28.0%, now holding 712,659 shares worth approximately $10.96 million. Additionally, Sei Investments Co. increased its stake by 220.6%, owning 43,448 shares valued at roughly $668,000 after acquiring 29,894 shares.

Syndax Pharmaceuticals specializes in developing therapies for cancer treatment, focusing on innovative product candidates such as revumenib, a selective small molecule inhibitor, and SNDX-6352 (axatilimab), a monoclonal antibody designed for specific medical conditions. As the company continues to grow and attract investor interest, the upcoming months will be critical in assessing its long-term trajectory and market performance.