Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 6.6% – Here’s What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price was down 6.6% on Thursday . The stock traded as low as $18.50 and last traded at $18.53. Approximately 570,439 shares traded hands during trading, a decline of 64% from the average session volume of 1,569,023 shares. The stock had previously closed at $19.84.

Analyst Ratings Changes

Several research analysts recently issued reports on SNDX shares. JPMorgan Chase & Co. dropped their price objective on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Bank of America reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Weiss Ratings upgraded Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. UBS Group dropped their target price on shares of Syndax Pharmaceuticals from $37.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, August 21st. Finally, HC Wainwright lowered their price target on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.30.

Syndax Pharmaceuticals Price Performance

The company has a market cap of $1.61 billion, a PE ratio of -7.24 and a beta of 0.37. The company has a quick ratio of 6.44, a current ratio of 6.77 and a debt-to-equity ratio of 38.95. The firm has a 50 day simple moving average of $20.74 and a 200-day simple moving average of $21.22.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The firm had revenue of $72.79 million for the quarter, compared to analysts’ expectations of $79.36 million. During the same period in the previous year, the company posted ($0.83) earnings per share. The business’s quarterly revenue was up 91.8% compared to the same quarter last year. As a group, research analysts predict that Syndax Pharmaceuticals, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Metzger sold 32,375 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the sale, the chief executive officer owned 484,843 shares of the company’s stock, valued at $11,752,594.32. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of large investors have recently made changes to their positions in SNDX. Tidal Investments LLC lifted its holdings in shares of Syndax Pharmaceuticals by 10.5% during the 2nd quarter. Tidal Investments LLC now owns 72,212 shares of the company’s stock valued at $1,579,000 after purchasing an additional 6,886 shares during the last quarter. WINTON GROUP Ltd increased its position in Syndax Pharmaceuticals by 642.7% during the 2nd quarter. WINTON GROUP Ltd now owns 76,500 shares of the company’s stock valued at $1,672,000 after buying an additional 66,200 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Syndax Pharmaceuticals during the 2nd quarter valued at about $73,000. Squarepoint Ops LLC raised its stake in Syndax Pharmaceuticals by 104.0% in the second quarter. Squarepoint Ops LLC now owns 370,317 shares of the company’s stock valued at $8,095,000 after buying an additional 188,765 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Syndax Pharmaceuticals by 2.9% in the second quarter. Arizona State Retirement System now owns 23,120 shares of the company’s stock valued at $505,000 after buying an additional 642 shares during the last quarter.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.