Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down - Here's What Happened

Key Points

• Syndax shares fell 17.7%, opening at $14.61 versus a prior close of $16.55, after its Phase 2 MAXPIRe trial of axatilimab in idiopathic pulmonary fibrosis failed to meet its primary endpoint. The company plans to discontinue development in IPF.
• Axatilimab was well tolerated with no new safety signals, and Syndax will continue studying it in chronic graft-versus-host disease. Additional results are expected later this year and in early 2028.
• Analyst sentiment remains broadly positive despite the setback: ten analysts rate the stock Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and a $41.80 price target.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s share price gapped down prior to trading on Tuesday. The stock had previously closed at $16.55, but opened at $14.61. Syndax Pharmaceuticals shares last traded at $13.53, with a volume of 1,595,859 shares changing hands.

Syndax Pharmaceuticals News Summary

Here are the key news stories impacting Syndax Pharmaceuticals this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating on Syndax and set a $38 price target, implying substantial upside from recent trading levels. Benzinga analyst rating report
• Positive Sentiment: Despite the trial setback, Syndax said axatilimab remains in development across multiple chronic graft-versus-host disease (cGVHD) studies, with additional results expected later this year and in early 2028. Syndax MAXPIRe trial announcement
• Neutral Sentiment: Axatilimab was reportedly well tolerated in the MAXPIRe study, with a safety profile comparable to placebo and no new safety signals. This limits safety-related concerns but does not offset the efficacy miss. MarketScreener trial results
• Negative Sentiment: The Phase 2 MAXPIRe trial in idiopathic pulmonary fibrosis failed to meet its primary endpoint, which measured the annualized rate of decline in forced vital capacity. Syndax said it would end development of axatilimab in IPF, removing a potential indication and weighing on investor sentiment. RTTNews MAXPIRe trial report

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SNDX shares. Bank of America reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research report on Wednesday, August 5th. Weiss Ratings upgraded Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, October 2nd. JPMorgan Chase & Co. cut their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating for the company in a research note on Tuesday, August 11th. Jefferies Financial Group reissued a "buy" rating and set a $35.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, September 29th. Finally, UBS Group reissued a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Thursday, October 1st. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Syndax Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.80.

Syndax Pharmaceuticals Stock Down 17.7%

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 stock has a market capitalization of $1.21 billion, a PE ratio of -5.43 and a beta of 0.42. The stock's fifty day simple moving average is $18.98 and its 200-day simple moving average is $20.47.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $72.79 million during the quarter, compared to analysts' expectations of $79.36 million. During the same quarter in the prior year, the company earned ($0.83) EPS. The business's revenue for the quarter was up 91.8% on a year-over-year basis. As a group, sell-side analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at about $26,000. Nykredit A S bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter worth approximately $72,000. Integrated Wealth Concepts LLC purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $73,000. Allianz Asset Management GmbH purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $203,000. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Syndax Pharmaceuticals in the 2nd quarter worth approximately $207,000.

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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