Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Cross Below Fifty Day Moving Average - Here's What Happened

Key Points

• Syndax shares fell below their 50-day moving average, trading as low as $18.05 and last changing hands at $18.22, below the $19.33 average.
• Analysts remain broadly positive, with 10 Buy ratings and one Sell rating, an overall “Moderate Buy” consensus, and an average price target of $41.80. JPMorgan recently lowered its target to $40, while Jefferies maintained a $35 target.
• The company missed quarterly expectations, reporting an adjusted loss of $0.55 per share versus estimates of $0.45 and revenue of $72.79 million versus $79.36 million, although revenue increased 91.8% year over year.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s stock price passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $19.33 and traded as low as $18.05. Syndax Pharmaceuticals shares last traded at $18.22, with a volume of 1,431,512 shares.

Analyst Ratings Changes

SNDX has been the topic of several analyst reports. 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. UBS Group restated a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Thursday. Bank of America reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Weiss Ratings cut shares of Syndax Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 16th. Finally, JPMorgan Chase & Co. cut their target price on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.80.

Syndax Pharmaceuticals Price Performance

The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95. The company has a fifty day moving average price of $19.33 and a two-hundred day moving average price of $20.80. The firm has a market cap of $1.61 billion, a P/E ratio of -7.26 and a beta of 0.42.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results 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). The business had revenue of $72.79 million for the quarter, compared to the consensus estimate of $79.36 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.Syndax Pharmaceuticals's revenue for the quarter was up 91.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.83) earnings per share. Equities analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Insiders Place Their Bets

In other Syndax Pharmaceuticals news, CEO Michael Metzger sold 32,375 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total transaction of $784,770.00. Following the completion of the transaction, the chief executive officer owned 484,843 shares in the company, valued at approximately $11,752,594.32. This represents a 6.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC raised its position in Syndax Pharmaceuticals by 10.5% in the 2nd quarter. Tidal Investments LLC now owns 72,212 shares of the company's stock valued at $1,579,000 after buying an additional 6,886 shares during the last quarter. WINTON GROUP Ltd grew its stake in shares of Syndax Pharmaceuticals by 642.7% during the 2nd quarter. WINTON GROUP Ltd now owns 76,500 shares of the company's stock worth $1,672,000 after acquiring an additional 66,200 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Syndax Pharmaceuticals in the second quarter valued at approximately $73,000. Squarepoint Ops LLC lifted its position in shares of Syndax Pharmaceuticals by 104.0% in the second quarter. Squarepoint Ops LLC now owns 370,317 shares of the company's stock worth $8,095,000 after purchasing an additional 188,765 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Syndax Pharmaceuticals by 2.9% during the second quarter. Arizona State Retirement System now owns 23,120 shares of the company's stock worth $505,000 after purchasing an additional 642 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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