Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down – Here’s What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $11.01, but opened at $10.60. Syndax Pharmaceuticals shares last traded at $11.26, with a volume of 178 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Scotiabank increased their target price on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a “sector perform” rating in a research report on Tuesday, May 6th. Guggenheim reaffirmed a “buy” rating and set a $32.00 price objective on shares of Syndax Pharmaceuticals in a research report on Tuesday, May 6th. Citigroup reduced their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $35.91.

Syndax Pharmaceuticals Stock Down 2.8 %

The company’s 50 day moving average price is $12.48 and its 200 day moving average price is $14.39. The firm has a market capitalization of $920.67 million, a price-to-earnings ratio of -2.95 and a beta of 0.82.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.98) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.06. The business had revenue of $20.04 million during the quarter, compared to analysts’ expectations of $15.88 million. The firm’s revenue was up 1900.0% on a year-over-year basis. During the same period last year, the company earned ($0.85) earnings per share. As a group, analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, insider Neil Gallagher sold 4,618 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $71,579.00. Following the transaction, the insider now directly owns 85,095 shares in the company, valued at $1,318,972.50. The trade was a 5.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael A. Metzger sold 13,288 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $205,964.00. Following the completion of the sale, the chief executive officer now directly owns 300,121 shares of the company’s stock, valued at $4,651,875.50. This represents a 4.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,683 shares of company stock valued at $336,087. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Barclays PLC grew its position in shares of Syndax Pharmaceuticals by 143.4% during the third quarter. Barclays PLC now owns 187,629 shares of the company’s stock worth $3,612,000 after buying an additional 110,535 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Syndax Pharmaceuticals by 343.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock worth $27,292,000 after acquiring an additional 1,598,428 shares during the period. Inspire Investing LLC raised its position in Syndax Pharmaceuticals by 44.5% in the fourth quarter. Inspire Investing LLC now owns 30,792 shares of the company’s stock worth $407,000 after acquiring an additional 9,484 shares in the last quarter. KBC Group NV boosted its stake in shares of Syndax Pharmaceuticals by 104.8% during the 4th quarter. KBC Group NV now owns 6,954 shares of the company’s stock worth $92,000 after acquiring an additional 3,559 shares in the last quarter. Finally, R Squared Ltd purchased a new position in Syndax Pharmaceuticals during the 4th quarter valued at about $26,000.

Syndax Pharmaceuticals Company Profile

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).