Syndax Pharmaceuticals (NASDAQ:SNDX) has received an increased price target of $38.00 from UBS Group, up from a previous target of $35.00. This adjustment was announced in a report released on the morning of October 27, 2023. UBS Group maintains a “buy” rating on the stock, reflecting confidence in the company’s market position.
Several other financial institutions have also weighed in on Syndax’s stock. Stifel Nicolaus initiated coverage on September 10, issuing a “buy” rating and setting a price objective of $44.00. Meanwhile, Goldman Sachs Group raised its price target from $20.00 to $24.00 on September 5, also rating the stock as “buy.” HC Wainwright reiterated a “buy” rating with a price target of $40.00, while BTIG Research set a higher target of $56.00 on the same day as UBS’s adjustment.
Currently, the consensus among analysts shows a predominance of positive outlooks for the company, with one analyst issuing a Strong Buy rating, nine giving it a Buy rating, one rating it as Hold, and one issuing a Sell rating. According to data from MarketBeat.com, Syndax Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $36.70.
Stock Performance and Financial Highlights
On October 27, 2023, shares of Syndax Pharmaceuticals opened at $15.35, reflecting an increase of 11.6%. The company boasts a market capitalization of $1.32 billion and a price-to-earnings (P/E) ratio of -3.95. The stock has fluctuated within a year, reaching a low of $8.58 and a high of $22.50.
In its most recent quarterly earnings report, dated November 3, 2023, Syndax Pharmaceuticals reported earnings per share (EPS) of ($0.70), surpassing analysts’ expectations of ($0.74) by $0.04. The company’s revenue for the quarter was $45.87 million, although this fell short of the anticipated $49.08 million. Year-over-year, Syndax’s revenue increased significantly by 266.4%. The company reported a negative net margin of 428.48% and a negative return on equity of 130.47%.
Insider Activity and Institutional Investments
Recent insider transactions have raised interest among investors. CEO Michael A. Metzger sold 157,307 shares on September 8, at an average price of $16.41, resulting in a total of approximately $2.58 million. Following this transaction, Metzger retained 298,661 shares, valued at around $4.90 million. This sale represented a 34.5% decrease in his ownership of the stock.
Additionally, Director Dennis Podlesak sold 19,200 shares on August 18, at an average price of $15.84, totaling $304,128. Post-transaction, Podlesak owns 191,763 shares, valued at approximately $3.04 million, marking a 9.1% decrease in his stake.
In terms of institutional investment, various hedge funds have recently modified their positions in Syndax Pharmaceuticals. Quarry LP entered a new position valued at about $25,000 in the first quarter, while the Teacher Retirement System of Texas increased its stake by 11.9% in the second quarter, acquiring an additional 2,458 shares to bring its total to 23,132 shares, valued at $217,000.
The Manufacturers Life Insurance Company also boosted its stake by 5.9%, now owning 44,149 shares worth $413,000. DAFNA Capital Management LLC increased its ownership by 0.5%, totaling 544,502 shares valued at $6.69 million. Lastly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake by 5.8%, now holding 56,842 shares valued at $705,000.
Syndax Pharmaceuticals continues to advance its mission as a clinical-stage biopharmaceutical company, focusing on innovative cancer therapies. The market’s response to recent evaluations suggests a cautiously optimistic outlook for the company as it navigates its developmental milestones and financial strategies.
