Syndax Pharmaceuticals (NASDAQ:SNDX) Cut to “Sell” at Zacks Investment Research

Syndax Pharmaceuticals (NASDAQ:SNDXGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “Syndax Pharmaceuticals, Inc. is a biopharmaceutical company which focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. The Company’s product pipeline includes ENCORE 601, ENCORE 602, J1353, NCI-7870, NCI-9844, E2112, NCI-8871 and NCI-9253 which are in clinical trial stage. Syndax Pharmaceuticals, Inc. is based in WALTHAM, United States. “

A number of other equities research analysts have also recently weighed in on SNDX. HC Wainwright started coverage on Syndax Pharmaceuticals in a research note on Monday, April 11th. They set a “buy” rating and a $31.00 price objective for the company. TheStreet upgraded Syndax Pharmaceuticals from a “d” rating to a “c” rating in a research note on Wednesday, March 9th. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a research note on Tuesday, February 15th. They set a “buy” rating and a $37.00 price objective for the company. Finally, StockNews.com cut Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.60.

Shares of SNDX stock opened at $14.11 on Friday. Syndax Pharmaceuticals has a twelve month low of $13.52 and a twelve month high of $22.71. The stock has a market capitalization of $793.41 million, a price-to-earnings ratio of 41.50 and a beta of 1.53. The stock has a fifty day simple moving average of $17.04 and a two-hundred day simple moving average of $17.44. The company has a current ratio of 13.75, a quick ratio of 21.68 and a debt-to-equity ratio of 0.04.

Syndax Pharmaceuticals (NASDAQ:SNDXGet Rating) last issued its earnings results on Monday, May 9th. The company reported ($0.63) earnings per share for the quarter, hitting the consensus estimate of ($0.63). Syndax Pharmaceuticals had a return on equity of 5.18% and a net margin of 17.84%. During the same period in the previous year, the business posted ($0.54) earnings per share. Research analysts predict that Syndax Pharmaceuticals will post -2.81 EPS for the current fiscal year.

In other Syndax Pharmaceuticals news, insider Briggs Morrison sold 101,045 shares of the stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $17.45, for a total value of $1,763,235.25. Following the completion of the sale, the insider now directly owns 17,836 shares in the company, valued at $311,238.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 6.30% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Frazier Management LLC increased its holdings in shares of Syndax Pharmaceuticals by 133.3% in the fourth quarter. Frazier Management LLC now owns 2,772,062 shares of the company’s stock valued at $60,680,000 after purchasing an additional 1,583,927 shares during the period. Kynam Capital Management LP increased its holdings in shares of Syndax Pharmaceuticals by 102.1% in the first quarter. Kynam Capital Management LP now owns 1,932,800 shares of the company’s stock valued at $33,592,000 after purchasing an additional 976,635 shares during the period. Sofinnova Investments Inc. increased its holdings in shares of Syndax Pharmaceuticals by 129.9% in the fourth quarter. Sofinnova Investments Inc. now owns 951,226 shares of the company’s stock valued at $20,822,000 after purchasing an additional 537,385 shares during the period. Norges Bank acquired a new position in shares of Syndax Pharmaceuticals in the fourth quarter valued at about $10,614,000. Finally, State Street Corp increased its holdings in shares of Syndax Pharmaceuticals by 17.9% in the fourth quarter. State Street Corp now owns 2,480,204 shares of the company’s stock valued at $54,292,000 after purchasing an additional 376,757 shares during the period.

Syndax Pharmaceuticals Company Profile (Get Rating)

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are SNDX-5613, which is in phase 1/2 clinical trial targeting the binding interaction of Menin with the mixed lineage leukemia 1 protein for the treatment of MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML); 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).

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