Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 7.5% – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price traded down 7.5% during trading on Monday . The stock traded as low as $12.24 and last traded at $12.19. 785,504 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 1,506,489 shares. The stock had previously closed at $13.18.

Analyst Upgrades and Downgrades

SNDX has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Scotiabank dropped their price objective on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 8th. Finally, Citigroup decreased their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.20.

Syndax Pharmaceuticals Trading Down 7.1 %

The stock’s 50-day moving average price is $14.30 and its 200-day moving average price is $15.86. The company has a market capitalization of $1.05 billion, a P/E ratio of -3.37 and a beta of 0.92.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Monday, March 3rd. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The business had revenue of $7.68 million during the quarter, compared to the consensus estimate of $86.32 million. Sell-side analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 13,288 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $205,964.00. Following the completion of the transaction, the chief executive officer now directly owns 300,121 shares of the company’s stock, valued at $4,651,875.50. The trade was a 4.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith A. Goldan sold 3,777 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $58,543.50. Following the completion of the sale, the chief financial officer now owns 90,746 shares in the company, valued at $1,406,563. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,683 shares of company stock valued at $336,087 over the last three months. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Syndax Pharmaceuticals by 4.1% during the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock valued at $72,588,000 after purchasing an additional 148,491 shares in the last quarter. Soleus Capital Management L.P. increased its stake in Syndax Pharmaceuticals by 128.4% during the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after buying an additional 1,401,016 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Syndax Pharmaceuticals by 343.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock worth $27,292,000 after buying an additional 1,598,428 shares in the last quarter. 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 worth $38,066,000 after acquiring an additional 66,459 shares during the period. Finally, Franklin Resources Inc. boosted its holdings 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 valued at $34,948,000 after acquiring an additional 208,043 shares in the last quarter.

About Syndax Pharmaceuticals

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).