Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 2.6% – Here’s Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) fell 2.6% on Tuesday . The company traded as low as $12.94 and last traded at $12.97. 881,625 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 1,270,277 shares. The stock had previously closed at $13.31.

Analysts Set New Price Targets

SNDX has been the topic of a number of research analyst reports. StockNews.com cut Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, November 23rd. UBS Group initiated coverage on Syndax Pharmaceuticals in a research note on Thursday, October 24th. They set a “buy” rating and a $37.00 target price on the stock. The Goldman Sachs Group increased their price target on shares of Syndax Pharmaceuticals from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. 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. Finally, Citigroup increased their target price on Syndax Pharmaceuticals from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.90.

Syndax Pharmaceuticals Trading Down 1.8 %

The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -3.60 and a beta of 0.86. The stock has a 50-day moving average price of $17.03 and a two-hundred day moving average price of $19.16.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.98) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.15. The business had revenue of $12.50 million during the quarter, compared to analyst estimates of $9.16 million. During the same quarter in the previous year, the company earned ($0.73) EPS. Research analysts predict that Syndax Pharmaceuticals, Inc. will post -2.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of SNDX. State Street Corp lifted its position 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 worth $72,588,000 after purchasing an additional 148,491 shares in the last quarter. Sofinnova Investments Inc. increased its holdings in shares of Syndax Pharmaceuticals by 33.9% in the second quarter. Sofinnova Investments Inc. now owns 2,153,669 shares of the company’s stock valued at $44,215,000 after purchasing an additional 545,129 shares during the period. Geode Capital Management LLC increased its stake in shares of Syndax Pharmaceuticals by 3.5% during the third 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. Franklin Resources Inc. lifted its holdings in 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 during the period. Finally, First Turn Management LLC boosted its stake in shares of Syndax Pharmaceuticals by 85.4% during the 3rd quarter. First Turn Management LLC now owns 1,187,165 shares of the company’s stock worth $22,853,000 after acquiring an additional 546,776 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).