Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 7.4% on Disappointing Earnings

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) dropped 7.4% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $14.23 and last traded at $14.34. 1,069,083 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 2,257,449 shares. The stock had previously closed at $15.48.

The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.79). The firm had revenue of $7.68 million for the quarter, compared to analysts’ expectations of $86.32 million.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SNDX. StockNews.com lowered shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. Citigroup boosted 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. Scotiabank reduced their price target on Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised their target price on shares of Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, The Goldman Sachs Group upped their price target 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Insiders Place Their Bets

In other news, CEO Michael A. Metzger sold 13,288 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $205,964.00. Following the sale, the chief executive officer now directly owns 300,121 shares of the company’s stock, valued at approximately $4,651,875.50. This represents a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Neil Gallagher sold 4,618 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $71,579.00. Following the completion of the transaction, the insider now owns 85,095 shares in the company, valued at approximately $1,318,972.50. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,683 shares of company stock worth $336,087. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp raised its position in Syndax Pharmaceuticals by 4.1% in the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock worth $72,588,000 after acquiring an additional 148,491 shares during the period. Soleus Capital Management L.P. grew its holdings in Syndax Pharmaceuticals by 128.4% during the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after purchasing an additional 1,401,016 shares during the period. Assenagon Asset Management S.A. increased its position in Syndax Pharmaceuticals by 343.0% in the fourth 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 raised its stake in shares of Syndax Pharmaceuticals by 3.5% in the third quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock worth $38,066,000 after buying an additional 66,459 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Syndax Pharmaceuticals by 13.4% during 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 in the last quarter.

Syndax Pharmaceuticals Stock Performance

The company has a market capitalization of $1.23 billion, a PE ratio of -3.97 and a beta of 0.90. The company’s fifty day moving average is $14.23 and its 200-day moving average is $16.75.

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).