Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 5.6% – Time to Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) traded down 5.6% during trading on Monday . The company traded as low as $15.89 and last traded at $16.05. 299,105 shares changed hands during trading, a decline of 74% from the average session volume of 1,166,416 shares. The stock had previously closed at $17.01.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Syndax Pharmaceuticals from $33.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Bank of America upped their price target on shares of Syndax Pharmaceuticals from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Stifel Nicolaus increased their price objective on shares of Syndax Pharmaceuticals from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Barclays boosted their price objective on shares of Syndax Pharmaceuticals from $32.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.64.

Syndax Pharmaceuticals Price Performance

The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -4.12 and a beta of 0.86. The business has a 50-day moving average of $18.12 and a 200-day moving average of $19.58.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly 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 company had revenue of $12.50 million for the quarter, compared to analyst estimates of $9.16 million. During the same period last year, the firm earned ($0.73) EPS. As a group, equities analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.39 EPS for the current fiscal year.

Institutional Trading of Syndax Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Syndax Pharmaceuticals in the 3rd quarter valued at about $15,165,000. Eventide Asset Management LLC acquired a new position in Syndax Pharmaceuticals during the third quarter worth approximately $15,150,000. First Turn Management LLC bought a new stake in Syndax Pharmaceuticals in the second quarter valued at approximately $13,147,000. Sofinnova Investments Inc. lifted its position in shares of Syndax Pharmaceuticals by 33.9% in the second quarter. Sofinnova Investments Inc. now owns 2,153,669 shares of the company’s stock valued at $44,215,000 after buying an additional 545,129 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Syndax Pharmaceuticals by 56.3% in the second quarter. Millennium Management LLC now owns 1,065,508 shares of the company’s stock valued at $21,875,000 after buying an additional 383,634 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).