Zacks Investment Research Upgrades Syndax Pharmaceuticals (SNDX) to Buy

Syndax Pharmaceuticals (NASDAQ:SNDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm presently has a $6.25 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 15.31% from the company’s previous close.

According to Zacks, “Syndax Pharmaceuticals, Inc. is a biopharmaceutical company which focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. The Company’s product pipeline includes ENCORE 601, ENCORE 602, J1353, NCI-7870, NCI-9844, E2112, NCI-8871 and NCI-9253 which are in clinical trial stage. Syndax Pharmaceuticals, Inc. is based in WALTHAM, United States. “

A number of other analysts have also commented on the company. ValuEngine upgraded Syndax Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Morgan Stanley lowered Syndax Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $6.00 price objective for the company. in a research report on Monday, October 29th. Citigroup lowered their price objective on Syndax Pharmaceuticals from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, October 11th. Finally, HC Wainwright lowered their price objective on Syndax Pharmaceuticals to $23.00 and set a “buy” rating for the company in a research report on Friday, October 26th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $17.45.

Syndax Pharmaceuticals stock opened at $5.42 on Friday. Syndax Pharmaceuticals has a 12-month low of $4.36 and a 12-month high of $15.20. The stock has a market capitalization of $134.11 million, a P/E ratio of -1.87 and a beta of 2.63.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Monday, November 5th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.76) by $0.08. Syndax Pharmaceuticals had a negative return on equity of 91.11% and a negative net margin of 3,185.75%. The business had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.38 million. On average, research analysts predict that Syndax Pharmaceuticals will post -2.95 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Syndax Pharmaceuticals by 5.2% in the third quarter. BlackRock Inc. now owns 1,757,844 shares of the company’s stock worth $14,202,000 after purchasing an additional 87,028 shares during the period. Claraphi Advisory Network LLC acquired a new stake in Syndax Pharmaceuticals in the third quarter worth about $129,000. Northern Trust Corp increased its position in Syndax Pharmaceuticals by 21.7% in the second quarter. Northern Trust Corp now owns 174,877 shares of the company’s stock worth $1,228,000 after purchasing an additional 31,146 shares during the period. 683 Capital Management LLC increased its position in Syndax Pharmaceuticals by 32.4% in the second quarter. 683 Capital Management LLC now owns 375,000 shares of the company’s stock worth $2,633,000 after purchasing an additional 91,770 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Syndax Pharmaceuticals by 72.9% in the second quarter. Bank of New York Mellon Corp now owns 80,372 shares of the company’s stock worth $564,000 after purchasing an additional 33,892 shares during the period. Hedge funds and other institutional investors own 64.38% of the company’s stock.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapies for various cancer indications. The company's lead product candidate is Entinostat, which is in Phase 3 clinical trial for the treatment of hormone receptor positive or HR+, human epidermal growth factor receptor 2 negative or HER2-, and breast cancer; and Phase 1b/2 clinical trial.

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