Syndax Pharmaceuticals Inc (NASDAQ:SNDX) Sees Significant Decline in Short Interest

Syndax Pharmaceuticals Inc (NASDAQ:SNDX) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 598,600 shares, a decrease of 7.5% from the July 31st total of 646,800 shares. Based on an average trading volume of 147,800 shares, the days-to-cover ratio is currently 4.1 days. Currently, 2.7% of the company’s stock are short sold.

Shares of NASDAQ SNDX traded down $0.13 during midday trading on Friday, hitting $8.93. 5,282 shares of the stock traded hands, compared to its average volume of 142,508. The firm has a 50-day moving average of $9.26 and a two-hundred day moving average of $7.67. The firm has a market capitalization of $242.87 million, a P/E ratio of -3.06 and a beta of 2.45. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.90 and a current ratio of 4.90. Syndax Pharmaceuticals has a one year low of $3.39 and a one year high of $11.11.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). The firm had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.39 million. Syndax Pharmaceuticals had a negative net margin of 4,310.68% and a negative return on equity of 108.44%. Equities analysts forecast that Syndax Pharmaceuticals will post -1.92 earnings per share for the current fiscal year.



Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Panagora Asset Management Inc. lifted its holdings in shares of Syndax Pharmaceuticals by 33.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 198,170 shares of the company’s stock valued at $1,845,000 after buying an additional 50,030 shares during the period. Sofinnova Investments Inc. lifted its holdings in shares of Syndax Pharmaceuticals by 13.8% during the 2nd quarter. Sofinnova Investments Inc. now owns 242,729 shares of the company’s stock valued at $2,260,000 after buying an additional 29,370 shares during the period. Acadian Asset Management LLC bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $191,000. Athanor Capital LP bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $104,000. Finally, GSA Capital Partners LLP increased its stake in shares of Syndax Pharmaceuticals by 60.2% in the 2nd quarter. GSA Capital Partners LLP now owns 24,550 shares of the company’s stock worth $229,000 after purchasing an additional 9,227 shares in the last quarter. 63.30% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently issued reports on SNDX. Cowen reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Thursday, August 8th. BidaskClub cut Syndax Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 24th. Nomura reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Syndax Pharmaceuticals in a research report on Sunday, August 11th. ValuEngine cut Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Syndax Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $14.61.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates include entinostat, which is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

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