JPMorgan Chase & Co. Lowers Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target to $33.00

Syndax Pharmaceuticals (NASDAQ:SNDX) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $40.00 to $33.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 98.08% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. B. Riley upgraded shares of Syndax Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, August 6th. The Goldman Sachs Group raised their price objective on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Finally, Citigroup boosted their target price on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $35.90.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ SNDX opened at $16.66 on Wednesday. The firm’s 50-day moving average price is $15.29 and its 200-day moving average price is $12.76. Syndax Pharmaceuticals has a 1-year low of $8.58 and a 1-year high of $18.00. The firm has a market capitalization of $1.45 billion, a P/E ratio of -4.28 and a beta of 0.73. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, November 3rd. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative return on equity of 130.47% and a negative net margin of 428.48%.The company had revenue of $45.87 million during the quarter, compared to the consensus estimate of $49.08 million. During the same period last year, the business posted ($0.98) EPS. The firm’s revenue for the quarter was up 266.4% compared to the same quarter last year. Equities research analysts anticipate that Syndax Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dennis Podlesak sold 19,200 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $15.84, for a total transaction of $304,128.00. Following the transaction, the director directly owned 191,763 shares of the company’s stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael A. Metzger sold 157,307 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares in the company, valued at approximately $4,901,027.01. This trade represents a 34.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of SNDX. Bank of New York Mellon Corp boosted its position in Syndax Pharmaceuticals by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 229,758 shares of the company’s stock worth $2,823,000 after purchasing an additional 5,497 shares during the last quarter. Cerity Partners LLC purchased a new stake in shares of Syndax Pharmaceuticals during the 1st quarter valued at $295,000. CWM LLC raised its stake in shares of Syndax Pharmaceuticals by 795.2% during the 1st quarter. CWM LLC now owns 23,374 shares of the company’s stock worth $287,000 after purchasing an additional 20,763 shares during the period. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group purchased a new position in shares of Syndax Pharmaceuticals in the 1st quarter worth about $2,457,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Syndax Pharmaceuticals during the first quarter valued at about $179,000.

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).