Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down – Should You Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) gapped down before the market opened 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.

Wall Street Analyst Weigh In

SNDX has been the subject of several recent research reports. StockNews.com lowered Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. JPMorgan Chase & Co. lifted their price objective on Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. The Goldman Sachs Group lifted their price objective on Syndax Pharmaceuticals from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. UBS Group started coverage on Syndax Pharmaceuticals in a report on Thursday, October 24th. They set a “buy” rating and a $37.00 target price for the company. Finally, Citigroup lifted their target price on Syndax Pharmaceuticals from $37.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.64.

Syndax Pharmaceuticals Stock Performance

The business has a 50 day moving average price of $17.91 and a two-hundred day moving average price of $19.51.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.98) EPS 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 analysts’ expectations of $9.16 million. During the same period in the previous year, the business earned ($0.73) EPS. As a group, sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.39 EPS for the current year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several large investors have recently bought and sold shares of SNDX. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Syndax Pharmaceuticals in the 3rd quarter worth about $15,165,000. Eventide Asset Management LLC purchased a new position in Syndax Pharmaceuticals in the third quarter worth about $15,150,000. First Turn Management LLC purchased a new position in Syndax Pharmaceuticals in the second quarter worth about $13,147,000. Sofinnova Investments Inc. boosted its position in Syndax Pharmaceuticals by 33.9% in 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 last quarter. Finally, Millennium Management LLC boosted its position in Syndax Pharmaceuticals by 56.3% in the second quarter. Millennium Management LLC now owns 1,065,508 shares of the company’s stock worth $21,875,000 after purchasing an additional 383,634 shares during 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).