Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month Low – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $11.01 and last traded at $11.28, with a volume of 312 shares. The stock had previously closed at $11.25.

Wall Street Analyst Weigh In

A number of research firms recently commented on SNDX. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Scotiabank reduced their price target on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 8th. StockNews.com upgraded shares of Syndax Pharmaceuticals to a “sell” rating in a report on Wednesday, April 2nd. Citigroup dropped their price target on Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

Syndax Pharmaceuticals Stock Down 3.5 %

The business has a fifty day moving average price of $14.13 and a 200-day moving average price of $15.65. The company has a market cap of $934.01 million, a P/E ratio of -2.99 and a beta of 1.28.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its earnings results on Monday, March 3rd. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $86.32 million. As a group, research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Activity at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,777 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $58,543.50. Following the completion of the transaction, the chief financial officer now directly owns 90,746 shares in the company, valued at $1,406,563. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael A. Metzger sold 13,288 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $205,964.00. Following the completion of the transaction, the chief executive officer now owns 300,121 shares in the company, valued at approximately $4,651,875.50. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,683 shares of company stock worth $336,087. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in SNDX. State Street Corp increased its holdings in Syndax Pharmaceuticals by 4.1% in the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock valued at $72,588,000 after purchasing an additional 148,491 shares during the period. Soleus Capital Management L.P. boosted its stake in shares of Syndax Pharmaceuticals by 128.4% in the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after purchasing an additional 1,401,016 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Syndax Pharmaceuticals by 343.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock worth $27,292,000 after buying an additional 1,598,428 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Syndax Pharmaceuticals by 3.5% in the third quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock valued at $38,066,000 after buying an additional 66,459 shares during the period. Finally, Franklin Resources Inc. boosted its position in Syndax Pharmaceuticals by 13.4% during the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock valued at $34,948,000 after acquiring an additional 208,043 shares during the last quarter.

About Syndax Pharmaceuticals

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).