Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 1-Year Low - Time to Sell?

Key Points

• Syndax Pharmaceuticals shares fell 4.9% to a new 52-week low of $12.95, well below their 50-day and 200-day moving averages.
• Despite the decline and a quarterly earnings miss, analyst sentiment remains largely positive: 10 analysts rate the stock a Buy, with an average price target of $41.80 versus the current price near $13.
• The company reported $72.79 million in quarterly revenue, up 91.8% year over year, but missed EPS and revenue expectations and continues to post significant losses. Several major institutional investors, including BlackRock and Bank of America, recently established positions.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday. The company traded as low as $12.95 and last traded at $12.97, with a volume of 736,616 shares traded. The stock had previously closed at $13.65.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SNDX. UBS Group reiterated a "buy" rating on shares of Syndax Pharmaceuticals in a report on Thursday, October 1st. Jefferies Financial Group reissued a "buy" rating and issued a $35.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, September 29th. Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. JPMorgan Chase & Co. reduced their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $38.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $41.80.

Syndax Pharmaceuticals Stock Down 4.9%

The company's fifty day moving average price is $18.63 and its 200-day moving average price is $20.25. The stock has a market capitalization of $1.15 billion, a PE ratio of -5.17 and a beta of 0.42. The company has a quick ratio of 6.44, a current ratio of 6.77 and a debt-to-equity ratio of 38.95.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $72.79 million for the quarter, compared to analysts' expectations of $79.36 million. During the same quarter in the previous year, the firm posted ($0.83) EPS. The firm's quarterly revenue was up 91.8% compared to the same quarter last year. Analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $197,177,000. Bank of America Corp DE bought a new stake in Syndax Pharmaceuticals during the second quarter valued at approximately $88,426,000. Elmind Capital LP bought a new stake in Syndax Pharmaceuticals during the second quarter valued at approximately $40,550,300. Trails Edge Capital Partners LP bought a new stake in Syndax Pharmaceuticals during the second quarter valued at approximately $24,264,600. Finally, Algert Global LLC increased its holdings in Syndax Pharmaceuticals by 13.2% during the second quarter. Algert Global LLC now owns 1,051,465 shares of the company's stock valued at $22,985,000 after buying an additional 122,897 shares during the last quarter.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company's research programs target biological pathways involved in malignancy and immune-related conditions, with an emphasis on medicines that may address significant unmet medical needs.

Syndax's lead product, Revuforj (revumenib), is an oral menin inhibitor approved by the U.S. Food and Drug Administration for treating relapsed or refractory acute leukemia with a KMT2A translocation in adults and pediatric patients aged one year and older.

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