Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 3.9% - Here's What Happened

Key Points

• Syndax Pharmaceuticals' stock fell 3.9% to $15.44 during mid-day trading on Monday, with trading volume down 49% from the average.
• Analyst ratings are mixed, with a consensus rating of "Moderate Buy" and a price target averaging $39.22; however, Weiss Ratings maintains a "sell" rating.
• Insider trading saw significant activity, with a director and the CEO each selling large amounts of stock, reducing their ownership in the company.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s stock price fell 3.9% during mid-day trading on Monday . The company traded as low as $15.40 and last traded at $15.44. 1,125,532 shares were traded during trading, a decline of 49% from the average session volume of 2,207,987 shares. The stock had previously closed at $16.06.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Syndax Pharmaceuticals in a report on Wednesday, October 8th. The Goldman Sachs Group raised their price target on shares of Syndax Pharmaceuticals from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Guggenheim assumed coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, September 4th. They set a "buy" rating and a $34.00 price target for the company. B. Riley upgraded shares of Syndax Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, August 6th. Finally, UBS Group lowered their price objective on shares of Syndax Pharmaceuticals from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.22.

Syndax Pharmaceuticals Stock Down 4.4%

The business's 50 day simple moving average is $15.25 and its 200 day simple moving average is $12.26. The firm has a market capitalization of $1.32 billion, a PE ratio of -3.95 and a beta of 0.68. The company has a current ratio of 4.71, a quick ratio of 4.55 and a debt-to-equity ratio of 2.06.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.01) by $0.18. The business had revenue of $37.96 million during the quarter, compared to analyst estimates of $26.64 million. Syndax Pharmaceuticals had a negative net margin of 428.48% and a negative return on equity of 130.47%. The company's quarterly revenue was up 984.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.80) EPS. On average, equities research analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Dennis Podlesak sold 19,200 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $15.84, for a total value of $304,128.00. Following the sale, the director owned 191,763 shares of the company's stock, valued at $3,037,525.92. This trade represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael A. Metzger sold 157,307 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $16.41, for a total transaction of $2,581,407.87. Following the transaction, the chief executive officer owned 298,661 shares in the company, valued at approximately $4,901,027.01. This trade represents a 34.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 204,537 shares of company stock valued at $3,265,935 in the last ninety days. Insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Hudson Bay Capital Management LP grew its holdings in shares of Syndax Pharmaceuticals by 77.3% during the 2nd quarter. Hudson Bay Capital Management LP now owns 443,300 shares of the company's stock worth $4,152,000 after purchasing an additional 193,300 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Syndax Pharmaceuticals by 103.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock valued at $79,000 after buying an additional 4,308 shares during the last quarter. Soleus Capital Management L.P. lifted its stake in Syndax Pharmaceuticals by 33.7% during the second quarter. Soleus Capital Management L.P. now owns 1,092,110 shares of the company's stock worth $10,228,000 after purchasing an additional 275,500 shares during the last quarter. Man Group plc lifted its stake in Syndax Pharmaceuticals by 70.1% during the second quarter. Man Group plc now owns 228,167 shares of the company's stock worth $2,137,000 after purchasing an additional 94,031 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Syndax Pharmaceuticals during the second quarter valued at $66,000.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, acute leukemias, and solid tumor; and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD) and idiopathic pulmonary fibrosis (IPF).

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