Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Sees Significant Growth in Short Interest

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) was the recipient of a significant increase in short interest in November. As of November 30th, there was short interest totalling 14,400,000 shares, an increase of 35.8% from the November 15th total of 10,600,000 shares. Based on an average daily trading volume, of 1,480,000 shares, the days-to-cover ratio is presently 9.7 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Syndax Pharmaceuticals from $40.00 to $41.00 and gave the company a “buy” rating in a report on Monday, October 14th. JPMorgan Chase & Co. upped their target price on shares of Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. HC Wainwright reiterated a “buy” rating and set a $51.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, December 10th. Citigroup boosted their price target on Syndax Pharmaceuticals from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group raised their price objective on Syndax Pharmaceuticals from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.64.

Syndax Pharmaceuticals Trading Up 3.4 %

Shares of SNDX traded up $0.46 during mid-day trading on Friday, reaching $13.93. The company had a trading volume of 3,875,184 shares, compared to its average volume of 2,072,802. Syndax Pharmaceuticals has a fifty-two week low of $13.26 and a fifty-two week high of $25.34. The firm has a fifty day simple moving average of $17.81 and a 200-day simple moving average of $19.45. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -3.84 and a beta of 0.86.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Tuesday, November 5th. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.15. The firm had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $9.16 million. During the same period last year, the business posted ($0.73) earnings per share. As a group, equities analysts predict that Syndax Pharmaceuticals will post -2.39 EPS for the current fiscal year.

Institutional Trading of Syndax Pharmaceuticals

A number of institutional investors have recently modified their holdings of SNDX. Simplify Asset Management Inc. boosted its position in Syndax Pharmaceuticals by 62.5% during the 3rd quarter. Simplify Asset Management Inc. now owns 122,185 shares of the company’s stock worth $2,352,000 after purchasing an additional 46,992 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Syndax Pharmaceuticals by 54.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 428,949 shares of the company’s stock valued at $8,806,000 after buying an additional 151,021 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Syndax Pharmaceuticals by 6.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 695,947 shares of the company’s stock worth $13,397,000 after acquiring an additional 41,458 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Syndax Pharmaceuticals by 319.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 81,302 shares of the company’s stock worth $1,565,000 after acquiring an additional 61,916 shares during the period. Finally, Propel Bio Management LLC raised its stake in shares of Syndax Pharmaceuticals by 60.1% during the third quarter. Propel Bio Management LLC now owns 133,259 shares of the company’s stock valued at $2,565,000 after purchasing an additional 50,000 shares during the period.

Syndax Pharmaceuticals Company Profile

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).