Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 5.6% – Here’s Why

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

Analysts Set New Price Targets

SNDX has been the topic of several research analyst reports. Stifel Nicolaus raised their price objective on shares of Syndax Pharmaceuticals from $40.00 to $41.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. UBS Group started coverage on shares of Syndax Pharmaceuticals in a research note on Thursday, October 24th. They issued a “buy” rating and a $37.00 target price for the company. Citigroup raised their target price on shares of Syndax Pharmaceuticals from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. boosted their target price on Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Finally, StockNews.com cut shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.64.

Syndax Pharmaceuticals Price Performance

The company’s 50-day moving average is $18.29 and its two-hundred day moving average is $19.65.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Tuesday, November 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $0.15. The business had revenue of $12.50 million during the quarter, compared to the consensus estimate of $9.16 million. During the same period in the prior year, the company earned ($0.73) earnings per share. On average, equities analysts expect that Syndax Pharmaceuticals, Inc. will post -2.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in Syndax Pharmaceuticals by 4.1% during the 3rd quarter. State Street Corp now owns 3,770,826 shares of the company’s stock worth $72,588,000 after purchasing an additional 148,491 shares in the last quarter. Sofinnova Investments Inc. raised its position in Syndax Pharmaceuticals by 33.9% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,153,669 shares of the company’s stock worth $44,215,000 after purchasing an additional 545,129 shares during the period. Geode Capital Management LLC lifted its stake in shares of Syndax Pharmaceuticals by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock valued at $38,066,000 after acquiring an additional 66,459 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Syndax Pharmaceuticals by 13.4% in the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock worth $34,948,000 after buying an additional 208,043 shares during the period. Finally, First Turn Management LLC increased its holdings in Syndax Pharmaceuticals by 85.4% during 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 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).