Syndax Pharmaceuticals (NASDAQ:SNDX) Sets New 1-Year Low – Here’s What Happened

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) reached a new 52-week low during trading on Tuesday . The stock traded as low as $11.69 and last traded at $11.81, with a volume of 60622 shares changing hands. The stock had previously closed at $12.29.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNDX. JPMorgan Chase & Co. boosted their price target 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. Scotiabank decreased their price objective on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a research report on Tuesday, March 4th. Finally, Citigroup reduced their price target on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Syndax Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $14.28 and its two-hundred day simple moving average is $15.82. The firm has a market cap of $1.02 billion, a P/E ratio of -3.26 and a beta of 0.92.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The business had revenue of $7.68 million during the quarter, compared to analyst estimates of $86.32 million. Equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Syndax Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Syndax Pharmaceuticals by 4.1% in the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock worth $72,588,000 after purchasing an additional 148,491 shares during the period. Soleus Capital Management L.P. boosted its holdings in Syndax Pharmaceuticals by 128.4% in the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock worth $32,944,000 after buying an additional 1,401,016 shares during the period. Assenagon Asset Management S.A. raised its holdings in 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 valued at $27,292,000 after acquiring an additional 1,598,428 shares during the period. Geode Capital Management LLC lifted its position in shares of Syndax Pharmaceuticals by 3.5% in the third quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock valued at $38,066,000 after acquiring an additional 66,459 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Syndax Pharmaceuticals by 13.4% in the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock worth $34,948,000 after acquiring an additional 208,043 shares during the period.

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).