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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price was down 7.5% during trading on Monday . The company traded as low as $12.24 and last traded at $12.19. Approximately 785,504 shares were traded during trading, a decline of 48% from the average daily volume of 1,506,489 shares. The stock had previously closed at $13.18.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNDX. Citigroup lowered their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their target price on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. HC Wainwright reissued a “buy” rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Finally, Scotiabank dropped their price objective on Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Syndax Pharmaceuticals Price Performance

The company has a market cap of $1.05 billion, a price-to-earnings ratio of -3.37 and a beta of 0.92. The business’s 50-day simple moving average is $14.30 and its 200-day simple moving average is $15.86.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its earnings results on Monday, March 3rd. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The business had revenue of $7.68 million during the quarter, compared to analysts’ expectations of $86.32 million. As a group, sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 13,288 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 $205,964.00. Following the completion of the sale, the chief executive officer now owns 300,121 shares of the company’s stock, valued at $4,651,875.50. The trade was a 4.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Neil Gallagher sold 4,618 shares of Syndax Pharmaceuticals stock in a transaction dated 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 sale, the insider now owns 85,095 shares of the company’s stock, valued at $1,318,972.50. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,683 shares of company stock worth $336,087. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its holdings in shares of Syndax Pharmaceuticals by 343.0% during the 4th 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. Soleus Capital Management L.P. raised its holdings 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 worth $32,944,000 after purchasing an additional 1,401,016 shares during the period. Octagon Capital Advisors LP acquired a new position in shares of Syndax Pharmaceuticals in the 4th quarter valued at about $11,951,000. Renaissance Technologies LLC purchased a new position in Syndax Pharmaceuticals in the fourth quarter valued at approximately $9,002,000. Finally, Trexquant Investment LP grew its stake in Syndax Pharmaceuticals by 1,309.7% during the fourth quarter. Trexquant Investment LP now owns 471,292 shares of the company’s stock worth $6,230,000 after buying an additional 437,859 shares during the period.

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).