Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 7.4% Following Weak Earnings

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s share price traded down 7.4% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $14.23 and last traded at $14.34. 1,069,083 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 2,257,449 shares. The stock had previously closed at $15.48.

The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.79). The firm had revenue of $7.68 million during the quarter, compared to analysts’ expectations of $86.32 million.

Wall Street Analyst Weigh In

SNDX has been the topic of a number of analyst reports. The Goldman Sachs Group boosted their price objective on shares of Syndax Pharmaceuticals from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Scotiabank decreased their price objective on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 8th. StockNews.com downgraded Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. Citigroup boosted their target price on shares of Syndax Pharmaceuticals from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Syndax Pharmaceuticals from $33.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Syndax Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, CEO Michael A. Metzger sold 13,288 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $205,964.00. Following the sale, the chief executive officer now owns 300,121 shares in the company, valued at $4,651,875.50. This represents a 4.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Neil Gallagher sold 4,618 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $71,579.00. Following the transaction, the insider now owns 85,095 shares of the company’s stock, valued at $1,318,972.50. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,683 shares of company stock worth $336,087. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of SNDX. State Street Corp grew its holdings in Syndax Pharmaceuticals by 4.1% during the third quarter. State Street Corp now owns 3,770,826 shares of the company’s stock worth $72,588,000 after acquiring an additional 148,491 shares during the period. Soleus Capital Management L.P. increased its holdings in shares of Syndax Pharmaceuticals by 128.4% during the 4th quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after purchasing an additional 1,401,016 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Syndax Pharmaceuticals by 343.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock valued at $27,292,000 after purchasing an additional 1,598,428 shares during the period. Geode Capital Management LLC boosted its holdings in Syndax Pharmaceuticals by 3.5% during the third quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company’s stock worth $38,066,000 after buying an additional 66,459 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Syndax Pharmaceuticals by 13.4% during the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company’s stock valued at $34,948,000 after buying an additional 208,043 shares during the period.

Syndax Pharmaceuticals Price Performance

The company has a market cap of $1.23 billion, a PE ratio of -3.97 and a beta of 0.90. The business’s fifty day simple moving average is $14.23 and its two-hundred day simple moving average is $16.75.

Syndax Pharmaceuticals Company Profile

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).