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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares gapped down prior to trading on Tuesday . The stock had previously closed at $21.78, but opened at $16.27. Syndax Pharmaceuticals shares last traded at $16.69, with a volume of 2,373,487 shares.

Analyst Upgrades and Downgrades

Several research firms recently commented on SNDX. StockNews.com raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on Syndax Pharmaceuticals from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. UBS Group began coverage on Syndax Pharmaceuticals in a report on Thursday, October 24th. They issued a “buy” rating and a $37.00 target price for the company. Citigroup upped their target price on Syndax Pharmaceuticals from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Finally, Stifel Nicolaus raised their target price on Syndax Pharmaceuticals from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Syndax Pharmaceuticals Stock Performance

The business has a fifty day moving average of $19.14 and a two-hundred day moving average of $20.33. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -4.64 and a beta of 0.92.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its 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 firm had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $9.16 million. During the same period last year, the business posted ($0.73) earnings per share. On average, equities research analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.61 earnings per share for the current year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently made changes to their positions in SNDX. Vanguard Group Inc. grew its position in Syndax Pharmaceuticals by 13.6% in the first quarter. Vanguard Group Inc. now owns 4,926,984 shares of the company’s stock worth $117,262,000 after buying an additional 591,631 shares during the last quarter. Sofinnova Investments Inc. lifted its stake in shares of Syndax Pharmaceuticals by 33.9% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,153,669 shares of the company’s stock valued at $44,215,000 after purchasing an additional 545,129 shares during the last quarter. First Turn Management LLC lifted its stake in shares of Syndax Pharmaceuticals by 85.4% in the 3rd quarter. First Turn Management LLC now owns 1,187,165 shares of the company’s stock valued at $22,853,000 after purchasing an additional 546,776 shares during the last quarter. StemPoint Capital LP lifted its stake in shares of Syndax Pharmaceuticals by 0.6% in the 1st quarter. StemPoint Capital LP now owns 1,100,988 shares of the company’s stock valued at $26,204,000 after purchasing an additional 6,494 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Syndax Pharmaceuticals by 56.3% during the 2nd quarter. Millennium Management LLC now owns 1,065,508 shares of the company’s stock worth $21,875,000 after acquiring an additional 383,634 shares during 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).