Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 6.6% – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price dropped 6.6% during trading on Wednesday . The company traded as low as $10.08 and last traded at $9.86. Approximately 187,210 shares traded hands during trading, a decline of 88% from the average daily volume of 1,535,496 shares. The stock had previously closed at $10.56.

Wall Street Analysts Forecast Growth

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

Syndax Pharmaceuticals Price Performance

The firm’s 50 day simple moving average is $13.91 and its 200-day simple moving average is $15.51. The company has a market cap of $859.15 million, a price-to-earnings ratio of -2.74 and a beta of 1.28.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Monday, March 3rd. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The firm had revenue of $7.68 million for the quarter, compared to analyst estimates of $86.32 million. On average, analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,777 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $58,543.50. Following the completion of the sale, the chief financial officer now directly owns 90,746 shares of the company’s stock, valued at approximately $1,406,563. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Neil Gallagher sold 4,618 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 value of $71,579.00. Following the completion of the transaction, the insider now directly owns 85,095 shares in the company, valued at approximately $1,318,972.50. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, 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 hedge funds have recently added to or reduced their stakes in SNDX. R Squared Ltd acquired a new stake in shares of Syndax Pharmaceuticals in the fourth quarter valued at about $26,000. Virtus ETF Advisers LLC boosted its position in shares of Syndax Pharmaceuticals by 18.6% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company’s stock worth $70,000 after buying an additional 827 shares in the last quarter. Cape Investment Advisory Inc. grew its stake in Syndax Pharmaceuticals by 157.1% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,427 shares of the company’s stock valued at $85,000 after acquiring an additional 3,927 shares during the last quarter. KBC Group NV increased its holdings in Syndax Pharmaceuticals by 104.8% during the 4th quarter. KBC Group NV now owns 6,954 shares of the company’s stock valued at $92,000 after acquiring an additional 3,559 shares in the last quarter. Finally, Optimize Financial Inc purchased a new stake in shares of Syndax Pharmaceuticals in the fourth quarter valued at about $152,000.

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).