Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 6.6% - Here's Why

Key Points

• Syndax shares fell 6.6% to approximately $18.53, with trading volume down 64% from the average session volume.
• The decline followed a quarterly earnings miss: Syndax reported an adjusted loss of $0.55 per share versus the $0.45 consensus estimate, while revenue of $72.79 million also fell short of expectations.
• Analysts lowered several price targets, although the stock retains a “Moderate Buy” consensus rating and a $42.30 average target; recent insider sales by the CEO and chief marketing officer may also weigh on sentiment.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s share price traded down 6.6% during mid-day trading on Thursday . The stock traded as low as $18.50 and last traded at $18.53. 570,439 shares changed hands during trading, a decline of 64% from the average session volume of 1,569,023 shares. The stock had previously closed at $19.84.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SNDX shares. HC Wainwright decreased their target price on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. JPMorgan Chase & Co. cut their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 11th. Bank of America reiterated a "buy" rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. UBS Group decreased their price objective on Syndax Pharmaceuticals from $37.00 to $33.00 and set a "buy" rating for the company in a report on Friday, August 21st. Finally, Weiss Ratings upgraded Syndax Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $42.30.

Syndax Pharmaceuticals Stock Performance

The firm's 50 day moving average is $20.87 and its 200-day moving average is $21.25. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -7.36 and a beta of 0.37. The company has a debt-to-equity ratio of 38.95, a quick ratio of 6.44 and a current ratio of 6.77.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly 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). The firm had revenue of $72.79 million for the quarter, compared to analyst estimates of $79.36 million. Syndax Pharmaceuticals had a negative net margin of 87.52% and a negative return on equity of 372.94%. The firm's quarterly revenue was up 91.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.83) EPS. Analysts forecast that Syndax Pharmaceuticals, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Nicholas Botwood sold 31,235 shares of Syndax Pharmaceuticals stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $18.14, for a total value of $566,602.90. Following the completion of the transaction, the chief marketing officer owned 60,885 shares in the company, valued at $1,104,453.90. The trade was a 33.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Metzger sold 32,375 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.24, for a total value of $784,770.00. Following the completion of the transaction, the chief executive officer directly owned 484,843 shares of the company's stock, valued at $11,752,594.32. The trade was a 6.26% decrease in their position. The SEC filing for this sale provides additional information. 4.80% of the stock is owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in shares of Syndax Pharmaceuticals by 10.5% during 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 in the last quarter. WINTON GROUP Ltd increased its holdings in Syndax Pharmaceuticals by 642.7% in 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 position in Syndax Pharmaceuticals during the second quarter worth $73,000. Squarepoint Ops LLC raised its position in Syndax Pharmaceuticals by 104.0% during the second quarter. Squarepoint Ops LLC now owns 370,317 shares of the company's stock worth $8,095,000 after acquiring an additional 188,765 shares during the period. Finally, Arizona State Retirement System lifted 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 valued at $505,000 after purchasing an additional 642 shares in the last quarter.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax's research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company's lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.

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