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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $14.23, but opened at $13.48. Syndax Pharmaceuticals shares last traded at $13.47, with a volume of 34,784 shares trading hands.

Analyst Ratings Changes

Several brokerages have weighed in on SNDX. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 10th. JPMorgan Chase & Co. upped their target price on shares of Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. StockNews.com cut shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. UBS Group started coverage on shares of Syndax Pharmaceuticals in a report on Thursday, October 24th. They set a “buy” rating and a $37.00 price target for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Syndax Pharmaceuticals from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.64.

Syndax Pharmaceuticals Price Performance

The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -3.84 and a beta of 0.86. The stock has a 50-day moving average price of $17.81 and a 200 day moving average price of $19.46.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.98) EPS for the quarter, topping the consensus estimate of ($1.13) by $0.15. The firm had revenue of $12.50 million for the quarter, compared to analyst estimates of $9.16 million. During the same period last year, the firm earned ($0.73) EPS. As a group, equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -2.39 earnings per share for the current year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in SNDX. State Street Corp grew its stake in shares of Syndax Pharmaceuticals by 4.1% in the 3rd 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 during the last quarter. Sofinnova Investments Inc. lifted its holdings in shares of Syndax Pharmaceuticals by 33.9% during the second quarter. Sofinnova Investments Inc. now owns 2,153,669 shares of the company’s stock worth $44,215,000 after purchasing an additional 545,129 shares during the period. Geode Capital Management LLC grew its position in Syndax Pharmaceuticals by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock valued at $38,066,000 after buying an additional 66,459 shares during the last quarter. Franklin Resources Inc. grew its position in Syndax Pharmaceuticals by 13.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock valued at $34,948,000 after buying an additional 208,043 shares during the last quarter. Finally, First Turn Management LLC increased its stake in Syndax Pharmaceuticals by 85.4% in the 3rd quarter. First Turn Management LLC now owns 1,187,165 shares of the company’s stock valued at $22,853,000 after buying an additional 546,776 shares during the period.

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).