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

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

Wall Street Analysts Forecast Growth

Several research firms have commented on SNDX. JPMorgan Chase & Co. increased their target price on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. StockNews.com raised Syndax Pharmaceuticals to a “sell” rating in a report on Wednesday. HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Citigroup decreased their target price on Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Scotiabank dropped their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Syndax Pharmaceuticals Stock Performance

The firm’s 50-day simple moving average is $14.25 and its 200-day simple moving average is $15.77. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -3.50 and a beta of 0.92.

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

Insider Activity

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 13,288 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $205,964.00. Following the sale, the chief executive officer now owns 300,121 shares in the company, valued at $4,651,875.50. The trade was a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Neil Gallagher sold 4,618 shares of the stock in a transaction on Monday, February 10th. The shares were 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 of the company’s stock, valued at approximately $1,318,972.50. This represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,683 shares of company stock worth $336,087. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. lifted 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 during the period. Soleus Capital Management L.P. lifted its holdings in shares of 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 acquiring an additional 1,401,016 shares during the period. Octagon Capital Advisors LP acquired a new stake in shares of Syndax Pharmaceuticals in the 4th quarter valued at $11,951,000. Renaissance Technologies LLC bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter worth about $9,002,000. Finally, Trexquant Investment LP increased its position in shares of Syndax Pharmaceuticals by 1,309.7% during the 4th quarter. Trexquant Investment LP now owns 471,292 shares of the company’s stock worth $6,230,000 after purchasing an additional 437,859 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).