Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 6% After Analyst Downgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price dropped 6% on Tuesday after UBS Group lowered their price target on the stock from $37.00 to $35.00. UBS Group currently has a buy rating on the stock. Syndax Pharmaceuticals traded as low as $9.30 and last traded at $9.26. Approximately 282,152 shares were traded during trading, a decline of 85% from the average daily volume of 1,855,152 shares. The stock had previously closed at $9.85.

SNDX has been the subject of several other research reports. Scotiabank increased their price objective on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a “sector perform” rating in a report on Tuesday, May 6th. Guggenheim reiterated a “buy” rating and issued a $32.00 target price on shares of Syndax Pharmaceuticals in a research report on Tuesday, May 6th. The Goldman Sachs Group initiated coverage on Syndax Pharmaceuticals in a report on Thursday, July 10th. They set a “buy” rating and a $18.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Finally, Wall Street Zen raised Syndax Pharmaceuticals to a “sell” rating in a report on Tuesday, May 6th. 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 company’s stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $34.10.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of SNDX. Tang Capital Management LLC purchased a new stake in Syndax Pharmaceuticals during the 4th quarter valued at $1,322,000. Polar Asset Management Partners Inc. bought a new position in Syndax Pharmaceuticals during the fourth quarter valued at $1,124,000. Jump Financial LLC raised its stake in shares of Syndax Pharmaceuticals by 80.8% in the fourth quarter. Jump Financial LLC now owns 173,890 shares of the company’s stock valued at $2,299,000 after acquiring an additional 77,699 shares during the period. Simplify Asset Management Inc. lifted its holdings in shares of Syndax Pharmaceuticals by 20.8% in the 4th quarter. Simplify Asset Management Inc. now owns 147,641 shares of the company’s stock worth $1,952,000 after acquiring an additional 25,456 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Syndax Pharmaceuticals by 7.5% in the 4th quarter. Northern Trust Corp now owns 792,750 shares of the company’s stock worth $10,480,000 after acquiring an additional 55,144 shares during the last quarter.

Syndax Pharmaceuticals Stock Performance

The stock has a market capitalization of $795.96 million, a PE ratio of -2.40 and a beta of 0.70. The business’s 50 day moving average is $9.93 and its 200 day moving average is $12.23. The company has a current ratio of 5.80, a quick ratio of 5.75 and a debt-to-equity ratio of 1.53.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.06. The business had revenue of $20.04 million during the quarter, compared to the consensus estimate of $15.88 million. Syndax Pharmaceuticals had a negative net margin of 757.53% and a negative return on equity of 101.60%. The firm’s quarterly revenue was up 1900.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.85) earnings per share. On average, equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

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).