Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 6.6% – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares dropped 6.6% on Thursday . The stock traded as low as $18.50 and last traded at $18.53. Approximately 570,439 shares traded hands during trading, a decline of 64% from the average daily volume of 1,569,023 shares. The stock had previously closed at $19.84.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. UBS Group decreased their price target on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, August 21st. JPMorgan Chase & Co. cut their price objective on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Weiss Ratings raised Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Finally, HC Wainwright lowered their price target on Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.30.

Syndax Pharmaceuticals Stock Down 6.9%

The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -7.36 and a beta of 0.37. The business’s 50-day moving average is $20.87 and its two-hundred day moving average is $21.25. The company has a quick ratio of 6.44, a current ratio of 6.77 and a debt-to-equity ratio of 38.95.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The business had revenue of $72.79 million during the quarter, compared to analyst estimates of $79.36 million. During the same quarter in the previous year, the company posted ($0.83) EPS. The firm’s revenue was up 91.8% on a year-over-year basis. Equities analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 32,375 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the sale, the chief executive officer owned 484,843 shares of the company’s stock, valued at $11,752,594.32. This trade represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Nicholas Botwood sold 31,235 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $18.14, for a total value of $566,602.90. Following the sale, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at $1,104,453.90. The trade was a 33.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.80% of the stock is owned by corporate insiders.

Institutional Trading of Syndax Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP acquired a new position in Syndax Pharmaceuticals during the second quarter worth $26,000. Smartleaf Asset Management LLC grew its stake in shares of Syndax Pharmaceuticals by 2,698.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company’s stock valued at $55,000 after buying an additional 2,564 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Syndax Pharmaceuticals by 192.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after buying an additional 1,922 shares during the period. Nykredit A S purchased a new stake in shares of Syndax Pharmaceuticals in the 2nd quarter valued at $72,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Syndax Pharmaceuticals during the 2nd quarter worth about $73,000.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.