Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 6.5% – What’s Next?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares were down 6.5% during trading on Monday . The company traded as low as $20.36 and last traded at $19.9260. Approximately 100,530 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 572,817 shares. The stock had previously closed at $21.30.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Stifel Nicolaus assumed coverage on Syndax Pharmaceuticals in a report on Wednesday, September 10th. They issued a “buy” rating and a $44.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, November 12th. Wall Street Zen raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. UBS Group increased their price target on shares of Syndax Pharmaceuticals from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, BTIG Research reissued a “buy” rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

Syndax Pharmaceuticals Price Performance

The business’s 50-day simple moving average is $18.46 and its two-hundred day simple moving average is $15.06. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -5.50 and a beta of 0.48. The company has a debt-to-equity ratio of 2.78, a current ratio of 4.64 and a quick ratio of 4.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.04. Syndax Pharmaceuticals had a negative net margin of 279.31% and a negative return on equity of 160.60%. The firm had revenue of $45.87 million during the quarter, compared to the consensus estimate of $49.08 million. During the same quarter last year, the firm earned ($0.98) earnings per share. The company’s revenue for the quarter was up 266.4% on a year-over-year basis. Research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Institutional Trading of Syndax Pharmaceuticals

Several hedge funds have recently modified their holdings of SNDX. Quarry LP acquired a new stake in Syndax Pharmaceuticals in the first quarter valued at approximately $25,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Syndax Pharmaceuticals by 1.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 631,640 shares of the company’s stock valued at $7,760,000 after buying an additional 9,800 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Syndax Pharmaceuticals by 478.8% during the first quarter. AQR Capital Management LLC now owns 377,444 shares of the company’s stock worth $4,637,000 after acquiring an additional 312,231 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Syndax Pharmaceuticals by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,842 shares of the company’s stock worth $705,000 after buying an additional 3,094 shares in the last quarter. Finally, Polar Asset Management Partners Inc. lifted its stake in Syndax Pharmaceuticals by 25.4% during the 1st quarter. Polar Asset Management Partners Inc. now owns 106,628 shares of the company’s stock valued at $1,310,000 after acquiring an additional 21,630 shares in the last quarter.

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.