Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 12-Month Low - Here's What Happened

Key Points

• Syndax shares fell to a new 52-week low of $9.12, well below their prior close of $9.54 and below their 50- and 200-day moving averages.
• Quarterly loss per share of $0.55 was wider than analysts’ $0.50 estimate, but revenue of $83.3 million topped expectations and rose 81.9% year over year.
• Analyst sentiment remained broadly positive: 10 analysts rated the stock Buy and one Sell, with a Moderate Buy consensus and a $41.60 average price target. HC Wainwright lowered its target from $38 to $36 but maintained a Buy rating.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday. The company traded as low as $9.12 and last traded at $9.13, with a volume of 735,068 shares changing hands. The stock had previously closed at $9.54.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. HC Wainwright cut their price objective on shares of Syndax Pharmaceuticals from $38.00 to $36.00 and set a "buy" rating for the company in a research report on Tuesday, November 3rd. Weiss Ratings upgraded shares of Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, November 3rd. Jefferies Financial Group reissued a "buy" rating and issued a $35.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday, September 29th. Mizuho set a $43.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, November 3rd. Finally, Bank of America restated a "buy" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $41.60.

Syndax Pharmaceuticals Trading Down 2.0%

The company has a 50 day moving average price of $15.50 and a 200 day moving average price of $19.79. The firm has a market cap of $841.78 million, a price-to-earnings ratio of -3.96 and a beta of 0.48. The company has a debt-to-equity ratio of 38.95, a quick ratio of 4.37 and a current ratio of 4.69.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.50) by ($0.05). Syndax Pharmaceuticals had a negative return on equity of 804.38% and a negative net margin of 72.32%. The business had revenue of $83.30 million for the quarter, compared to analyst estimates of $81.38 million. During the same period in the previous year, the business posted ($0.70) earnings per share. The firm's revenue for the quarter was up 81.9% compared to the same quarter last year. On average, research analysts expect that Syndax Pharmaceuticals, Inc. will post -2.09 earnings per share for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other news, Director Dennis Podlesak sold 8,000 shares of the business's stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $14.21, for a total value of $113,680.00. Following the sale, the director directly owned 239,763 shares of the company's stock, valued at approximately $3,407,032.23. The trade was a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Bleakley Financial Group LLC purchased a new position in shares of Syndax Pharmaceuticals during the third quarter worth $299,000. Hantz Financial Services Inc. purchased a new stake in shares of Syndax Pharmaceuticals in the 3rd quarter valued at $159,000. CenterBook Partners LP acquired a new position in Syndax Pharmaceuticals during the 3rd quarter worth about $5,137,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Syndax Pharmaceuticals during the 3rd quarter worth about $86,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Syndax Pharmaceuticals by 15.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,293 shares of the company's stock valued at $297,000 after acquiring an additional 2,191 shares during the period.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a biotechnology company focused on developing and commercializing medicines for cancer and related serious diseases. Its research programs include therapies that target cancer-driving pathways, including menin and the colony-stimulating factor 1 receptor (CSF-1R). The company's medicines include Revuforj (revumenib), approved in the United States for certain adults and children aged one year and older with relapsed or refractory acute leukemia involving a KMT2A translocation.

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