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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) gapped down before the market opened on Thursday . The stock had previously closed at $18.34, but opened at $17.10. Syndax Pharmaceuticals shares last traded at $17.96, with a volume of 2,644,078 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SNDX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research report on Friday, March 27th. Wall Street Zen raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Syndax Pharmaceuticals in a research report on Wednesday. The Goldman Sachs Group boosted their target price on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, April 1st. Finally, UBS Group decreased their price target on Syndax Pharmaceuticals from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.55.

Syndax Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $21.90 and a 200 day simple moving average of $21.22. The company has a quick ratio of 5.06, a current ratio of 5.47 and a debt-to-equity ratio of 8.26. The company has a market capitalization of $1.59 billion, a PE ratio of -6.44 and a beta of 0.38.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.11. The business had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The company’s revenue was up 224.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.98) earnings per share. Equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current fiscal year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 6,847 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the transaction, the chief executive officer directly owned 484,843 shares of the company’s stock, valued at approximately $9,207,168.57. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Syndax Pharmaceuticals by 21.2% in the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after purchasing an additional 1,091,717 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Syndax Pharmaceuticals by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after purchasing an additional 208,941 shares during the period. State Street Corp increased its holdings in shares of Syndax Pharmaceuticals by 19.3% in the fourth quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after purchasing an additional 743,003 shares during the period. Bank of America Corp DE increased its holdings in shares of Syndax Pharmaceuticals by 33.7% in the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after purchasing an additional 967,873 shares during the period. Finally, Kingdon Capital Management L.L.C. increased its holdings in shares of Syndax Pharmaceuticals by 19.0% in the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock valued at $38,462,000 after purchasing an additional 400,000 shares during the period.

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.