Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 2.6% – Here’s What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price dropped 2.6% during trading on Tuesday . The stock traded as low as $12.94 and last traded at $12.97. Approximately 881,625 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 1,270,277 shares. The stock had previously closed at $13.31.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup raised their price target on Syndax Pharmaceuticals from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. StockNews.com lowered shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 23rd. HC Wainwright reiterated a “buy” rating and issued a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, December 10th. UBS Group began coverage on Syndax Pharmaceuticals in a research note on Thursday, October 24th. They set a “buy” rating and a $37.00 price objective on the stock. Finally, Stifel Nicolaus upped their price target on shares of Syndax Pharmaceuticals from $40.00 to $41.00 and gave the company a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Syndax Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $36.90.

Syndax Pharmaceuticals Stock Down 1.8 %

The company’s fifty day moving average is $17.03 and its two-hundred day moving average is $19.16. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.60 and a beta of 0.86.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.13) by $0.15. The business had revenue of $12.50 million for the quarter, compared to the consensus estimate of $9.16 million. During the same quarter last year, the firm earned ($0.73) EPS. On average, equities research analysts expect that Syndax Pharmaceuticals, Inc. will post -2.39 EPS for the current year.

Institutional Trading of Syndax Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Syndax Pharmaceuticals by 18.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 291,826 shares of the company’s stock worth $5,991,000 after acquiring an additional 46,463 shares during the period. Peregrine Capital Management LLC raised its position in shares of Syndax Pharmaceuticals by 1.3% during the second quarter. Peregrine Capital Management LLC now owns 198,659 shares of the company’s stock worth $4,078,000 after purchasing an additional 2,580 shares during the period. nVerses Capital LLC purchased a new stake in shares of Syndax Pharmaceuticals in the second quarter worth approximately $33,000. Rhumbline Advisers increased its stake in Syndax Pharmaceuticals by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 119,285 shares of the company’s stock valued at $2,449,000 after buying an additional 10,291 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Syndax Pharmaceuticals by 138.9% in the 2nd quarter. Quest Partners LLC now owns 13,635 shares of the company’s stock worth $280,000 after buying an additional 7,928 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).