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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price gapped down before the market opened on Tuesday. The stock had previously closed at $16.55, but opened at $14.61. Syndax Pharmaceuticals shares last traded at $13.53, with a volume of 1,595,859 shares traded.

Trending Headlines about Syndax Pharmaceuticals

Here are the key news stories impacting Syndax Pharmaceuticals this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating on Syndax and set a $38 price target, implying substantial upside from recent trading levels. Benzinga analyst rating report
• Positive Sentiment: Despite the trial setback, Syndax said axatilimab remains in development across multiple chronic graft-versus-host disease (cGVHD) studies, with additional results expected later this year and in early 2028. Syndax MAXPIRe trial announcement
• Neutral Sentiment: Axatilimab was reportedly well tolerated in the MAXPIRe study, with a safety profile comparable to placebo and no new safety signals. This limits safety-related concerns but does not offset the efficacy miss. MarketScreener trial results
• Negative Sentiment: The Phase 2 MAXPIRe trial in idiopathic pulmonary fibrosis failed to meet its primary endpoint, which measured the annualized rate of decline in forced vital capacity. Syndax said it would end development of axatilimab in IPF, removing a potential indication and weighing on investor sentiment. RTTNews MAXPIRe trial report

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SNDX. UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Thursday, October 1st. HC Wainwright reiterated a “buy” rating and set a $38.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday. Bank of America reissued a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Weiss Ratings raised shares of Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.80.

Syndax Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 38.95, a quick ratio of 6.44 and a current ratio of 6.77. The company has a market cap of $1.21 billion, a PE ratio of -5.43 and a beta of 0.42. The company’s 50 day moving average price is $18.98 and its 200-day moving average price is $20.47.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $72.79 million during the quarter, compared to analysts’ expectations of $79.36 million. During the same quarter in the previous year, the company posted ($0.83) EPS. Syndax Pharmaceuticals’s revenue for the quarter was up 91.8% on a year-over-year basis. Equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.03 earnings per share for the current fiscal year.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP purchased a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at $26,000. Nykredit A S bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter worth $72,000. Integrated Wealth Concepts LLC bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter worth $73,000. Allianz Asset Management GmbH purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter worth about $203,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter worth about $207,000.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research programs target biological pathways involved in malignancy and immune-related conditions, with an emphasis on medicines that may address significant unmet medical needs.

Syndax’s lead product, Revuforj (revumenib), is an oral menin inhibitor approved by the U.S. Food and Drug Administration for treating relapsed or refractory acute leukemia with a KMT2A translocation in adults and pediatric patients aged one year and older.