Weiss Ratings Reaffirms “Sell” Rating for Syndax Pharmaceuticals Stock

Syndax Pharmaceuticals (NASDAQ:SNDX) continues to face scrutiny from analysts as Weiss Ratings reaffirmed its “sell (E+)” rating for the company’s stock in a report released on September 30, 2023. This rating comes amid a backdrop of varied assessments from other brokerages, revealing a complex landscape for investors.

Several financial institutions have recently initiated or adjusted their coverage of Syndax. On September 4, 2023, Guggenheim began coverage with a “buy” rating and set a price target of $34.00. Shortly after, on September 10, Stifel Nicolaus also issued a “buy” rating, this time with a price target of $44.00. HC Wainwright joined in on October 16, establishing a “buy” rating with a target of $40.00. Meanwhile, Citigroup increased its price target from $46.00 to $51.00, maintaining a “buy” rating as of August 5, 2023. BTIG Research further solidified its position by restating a “buy” rating with a price objective of $56.00 on September 19.

In total, two analysts currently rate the stock as a Strong Buy, while seven others have given it a Buy rating. One analyst recommends holding the stock, and one has a Sell rating. According to data from MarketBeat, Syndax Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Stock Performance and Financial Results

On September 29, 2023, Syndax Pharmaceuticals’ shares opened at $13.53. The stock has experienced significant volatility, with a 52-week low of $8.58 and a high of $22.50. The company boasts a quick ratio of 4.55, a current ratio of 4.71, and a debt-to-equity ratio of 2.06. As of this date, Syndax has a market capitalization of $1.17 billion, a price-to-earnings ratio of -3.48, and a beta of 0.68.

Syndax Pharmaceuticals last reported its quarterly earnings on August 4, 2023. The company posted earnings per share (EPS) of ($0.83), surpassing the consensus estimate of ($1.01) by $0.18. Revenue for the quarter reached $37.96 million, significantly exceeding analyst expectations of $26.64 million. Compared to the same quarter the previous year, revenue surged by 984.5%. Analysts project that Syndax will post an EPS of (-3.72) for the current fiscal year.

Insider Transactions and Institutional Investor Activity

In insider news, CEO Michael A. Metzger sold 157,307 shares of the company on September 8, 2023, at an average price of $16.41, totaling approximately $2.58 million. Following this transaction, Metzger retains 298,661 shares, valued at around $4.90 million, reflecting a 34.50% decrease in his stock ownership.

Additionally, Director Dennis Podlesak sold 19,200 shares on August 18, 2023, for a total of $304,128. Post-sale, he holds 191,763 shares, valued at approximately $3.04 million, marking a 9.10% reduction in his stake. Over the last three months, insiders have sold a total of 195,707 shares worth about $3.18 million, with insiders collectively owning 4.10% of the company’s stock.

Institutional investors have also been active regarding Syndax Pharmaceuticals. Phoenix Financial Ltd. acquired a new stake valued at approximately $701,000 during the second quarter. Exome Asset Management LLC increased its holdings by 5.7% during the first quarter, now owning 337,198 shares valued at $4.14 million. Deutsche Bank AG raised its holdings by 127.7%, owning 204,732 shares worth $2.52 million after acquiring an additional 114,828 shares. Similarly, Aberdeen Group plc increased its stake by 129.1%, holding 303,426 shares valued at $2.84 million.

Syndax Pharmaceuticals, a clinical-stage biopharmaceutical company, focuses on developing therapies for cancer treatment. Its lead products include revumenib, a small molecule inhibitor targeting acute leukemias, and SNDX-6352, a monoclonal antibody aimed at treating chronic graft versus host disease and idiopathic pulmonary fibrosis.

Investors remain attentive to the evolving dynamics surrounding Syndax Pharmaceuticals as analyst ratings and market performance continue to fluctuate.