Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 7.5% – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) dropped 7.5% during mid-day trading on Monday . The company traded as low as $12.24 and last traded at $12.19. Approximately 785,504 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,506,489 shares. The stock had previously closed at $13.18.

Analyst Upgrades and Downgrades

SNDX has been the subject of several analyst reports. StockNews.com raised shares of Syndax Pharmaceuticals to a “sell” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Scotiabank dropped 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 note on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Syndax Pharmaceuticals in a research report on Tuesday, March 4th. Finally, Citigroup lowered their target price on Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Syndax Pharmaceuticals Stock Performance

The company has a market cap of $1.09 billion, a P/E ratio of -3.50 and a beta of 0.92. The stock has a 50 day moving average price of $14.25 and a 200 day moving average price of $15.77.

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

Insider Activity at Syndax Pharmaceuticals

In related news, insider Neil Gallagher sold 4,618 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $71,579.00. Following the transaction, the insider now directly owns 85,095 shares in the company, valued at $1,318,972.50. The trade was a 5.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael A. Metzger sold 13,288 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $205,964.00. Following the sale, the chief executive officer now directly owns 300,121 shares in the company, valued at $4,651,875.50. This trade represents a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,683 shares of company stock valued at $336,087 over the last ninety days. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNDX. Franklin Resources Inc. lifted its position in shares of Syndax Pharmaceuticals by 13.4% in the 3rd 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 in the last quarter. State Street Corp boosted its position in shares of Syndax Pharmaceuticals by 4.1% in the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock worth $72,588,000 after buying an additional 148,491 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Syndax Pharmaceuticals by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 695,947 shares of the company’s stock valued at $13,397,000 after buying an additional 41,458 shares in the last quarter. Barclays PLC lifted its stake in Syndax Pharmaceuticals by 143.4% in the 3rd quarter. Barclays PLC now owns 187,629 shares of the company’s stock worth $3,612,000 after acquiring an additional 110,535 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in Syndax Pharmaceuticals by 319.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 81,302 shares of the company’s stock worth $1,565,000 after acquiring an additional 61,916 shares in the last quarter.

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).