Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 6% on Analyst Downgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares dropped 6% during trading on Tuesday after UBS Group lowered their price target on the stock from $37.00 to $35.00. UBS Group currently has a buy rating on the stock. Syndax Pharmaceuticals traded as low as $9.30 and last traded at $9.26. Approximately 282,152 shares were traded during trading, a decline of 85% from the average daily volume of 1,855,152 shares. The stock had previously closed at $9.85.

Other research analysts have also recently issued reports about the company. Wall Street Zen raised Syndax Pharmaceuticals to a “sell” rating in a research note on Tuesday, May 6th. Scotiabank lifted their target price on shares of Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group began coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, July 10th. They set a “buy” rating and a $18.00 price target for the company. JPMorgan Chase & Co. raised their target price on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Finally, Guggenheim reiterated a “buy” rating and issued a $32.00 price objective on shares of Syndax Pharmaceuticals in a research report on Tuesday, May 6th. One equities research 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.10.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SNDX. Quarry LP purchased a new position in shares of Syndax Pharmaceuticals in the 1st quarter worth approximately $25,000. Virtus ETF Advisers LLC grew its stake in shares of Syndax Pharmaceuticals by 18.6% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company’s stock worth $70,000 after acquiring an additional 827 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Syndax Pharmaceuticals during the first quarter valued at about $132,000. Optimize Financial Inc acquired a new stake in Syndax Pharmaceuticals in the 4th quarter worth approximately $152,000. Finally, Lazard Asset Management LLC purchased a new stake in Syndax Pharmaceuticals during the 4th quarter worth approximately $153,000.

Syndax Pharmaceuticals Price Performance

The stock’s 50 day simple moving average is $9.95 and its 200-day simple moving average is $12.25. The company has a debt-to-equity ratio of 1.53, a quick ratio of 5.75 and a current ratio of 5.80. The firm has a market cap of $792.52 million, a price-to-earnings ratio of -2.39 and a beta of 0.70.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.06. Syndax Pharmaceuticals had a negative return on equity of 101.60% and a negative net margin of 757.53%. The company had revenue of $20.04 million during the quarter, compared to the consensus estimate of $15.88 million. During the same period in the previous year, the company posted ($0.85) earnings per share. Syndax Pharmaceuticals’s revenue for the quarter was up 1900.0% on a year-over-year basis. Equities research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

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).