Syndax Pharmaceuticals (NASDAQ:SNDX) Downgraded to Strong Sell at ValuEngine

Syndax Pharmaceuticals (NASDAQ:SNDX) was downgraded by equities researchers at ValuEngine from a “sell” rating to a “strong sell” rating in a report issued on Tuesday, ValuEngine reports.

A number of other analysts have also commented on SNDX. Nomura reissued a “buy” rating and set a $16.00 price target on shares of Syndax Pharmaceuticals in a research note on Sunday, August 11th. Zacks Investment Research lowered Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, October 12th. B. Riley set a $14.00 price target on Syndax Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, October 9th. Cowen reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Thursday, August 8th. Finally, BidaskClub lowered Syndax Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $12.96.

Shares of SNDX stock opened at $6.71 on Tuesday. The business’s 50-day moving average price is $7.48 and its 200-day moving average price is $8.08. Syndax Pharmaceuticals has a 12 month low of $3.39 and a 12 month high of $11.11. The firm has a market capitalization of $172.05 million, a price-to-earnings ratio of -2.30 and a beta of 2.43. The company has a current ratio of 4.90, a quick ratio of 4.90 and a debt-to-equity ratio of 0.01.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.47) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.44) by ($0.03). Syndax Pharmaceuticals had a negative net margin of 4,310.68% and a negative return on equity of 108.44%. The firm had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.39 million. On average, sell-side analysts predict that Syndax Pharmaceuticals will post -1.97 earnings per share for the current fiscal year.

In related news, CEO Briggs Morrison acquired 11,000 shares of the stock in a transaction dated Thursday, October 10th. The stock was bought at an average cost of $6.38 per share, for a total transaction of $70,180.00. 8.30% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of SNDX. Bank of Montreal Can bought a new position in shares of Syndax Pharmaceuticals during the second quarter worth about $36,000. JPMorgan Chase & Co. raised its position in shares of Syndax Pharmaceuticals by 52.5% during the second quarter. JPMorgan Chase & Co. now owns 5,522 shares of the company’s stock worth $50,000 after acquiring an additional 1,902 shares during the last quarter. Athanor Capital LP bought a new position in shares of Syndax Pharmaceuticals during the second quarter worth about $104,000. Sigma Planning Corp bought a new position in shares of Syndax Pharmaceuticals during the second quarter worth about $114,000. Finally, Algert Global LLC bought a new position in shares of Syndax Pharmaceuticals during the second quarter worth about $148,000. Institutional investors own 63.28% of the company’s stock.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates include entinostat, which is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

Further Reading: Rule of 72

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Analyst Recommendations for Syndax Pharmaceuticals (NASDAQ:SNDX)

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