Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Syndax Pharmaceuticals Inc. shares valued at $646,092 were sold by Ordentlich Peter on Feb 15. At $25.84 per share, Ordentlich Peter sold 25,000 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.
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Also, Morrison Briggs sold 52,854 shares, netting a total of over 1,417,909 in proceeds. Following the sale of shares at $26.83 each, the insider now holds 17,836 shares.
Before that, Metzger Michael A had sold 5,959 shares from its account. In a trade valued at $164,697, the Chief Executive Officer traded Syndax Pharmaceuticals Inc. shares for $27.64 each. Upon closing the transaction, the insider’s holdings decreased to 5,959 shares, worth approximately $0.42 million.
As published in their initiating research note from Stifel on January 31, 2023, Syndax Pharmaceuticals Inc. [SNDX] has been a Buy and the price target has been revised to $37. This represents a 35.95% premium over Wednesday’s closing price. Analysts at JP Morgan started covering the stock with ‘”an Overweight”‘ outlook in a report released in early January. Earlier on April 11, 2022, H.C. Wainwright initiated its rating. Their recommendation was “a Buy” for SNDX stock.
Analyzing SNDX Stock Performance
On Wednesday, Syndax Pharmaceuticals Inc. [NASDAQ: SNDX] plunged -2.19% to $23.70. The stock’s lowest price that day was $23.14, but it reached a high of $24.51 in the same session. During the last five days, there has been a drop of approximately -4.67%. Over the course of the year, Syndax Pharmaceuticals Inc. shares have dropped approximately -6.88%. Shares of the company reached a 52-week high of $29.86 on 02/02/23 and a 52-week low of $23.14 on 03/08/23. A 50-day SMA is recorded $25.78, while a 200-day SMA reached $22.71. Nevertheless, trading volume fell to 0.79 million shares from 0.66 million shares the previous day.
Support And Resistance Levels for Syndax Pharmaceuticals Inc. (SNDX)
According to the 24-hour chart, there is a support level at 23.06, which, if violated, would cause prices to drop to 22.41. In the upper region, resistance lies at 24.43. The next price resistance is at 25.15. RSI (Relative Strength Index) is 38.06 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.70, which suggests the price will decrease in the coming days. Percent R is at 82.87%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Syndax Pharmaceuticals Inc. subject to short interest?
Stocks of Syndax Pharmaceuticals Inc. saw a sharp rise in short interest on Jan 12, 2023 jumping by 0.26 million shares to 5.46 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 5.2 million shares. A jump of 4.76% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 6.16 of the overall float, the days-to-cover ratio (short ratio) jumped to 6.16.
Which companies own the most shares of Syndax Pharmaceuticals Inc. (SNDX)?
According to Wellington Management Co. LLP filings, the company currently owns 7,983,442 shares, which is about 11.72% of the total SNDX shares outstanding. The investor’s shares have appreciated by 3,596,002 from its previous 13-F filing of 4387440.0 shares. With the completion of the buy transaction, Avidity Partners Management LP’s stake is now worth $168,210,700. BlackRock Fund Advisors acquire a 15.17% interest valued at $112.11 million while SSgA Funds Management, Inc. purchased a 1,031,026 stake. A total of 552,104 shares of Syndax Pharmaceuticals Inc. were bought by The Vanguard Group, Inc. during the quarter, and 427,778 were bought by Avoro Capital Advisor LLC. In its current portfolio, Kynam Capital Management LP holds 2,561,187 shares valued at $73.51 million.
In terms of Syndax Pharmaceuticals Inc. share price expectations, FactSet research, analysts set an average price target of $33.67 in the next 12 months, up nearly 40.32% from the previous closing price of $24.23. Analysts anticipate Syndax Pharmaceuticals Inc. stock to reach $37.00 by 2023, with the lowest price target being $31.00. In spite of this, 10 analysts ranked Syndax Pharmaceuticals Inc. stock as a Buy at the end of 2023. On February 15, 2022, Goldman assigned a price target of “a Buy” to the stock and initiated coverage with a $37.