Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 6% Following Analyst Downgrade

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares were down 6% during mid-day trading on Tuesday after UBS Group lowered their price target on the stock from $37.00 to $35.00. UBS Group currently has a buy rating on the stock. Syndax Pharmaceuticals traded as low as $9.30 and last traded at $9.26. Approximately 282,152 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,855,152 shares. The stock had previously closed at $9.85.

SNDX has been the subject of several other research reports. The Goldman Sachs Group started coverage on Syndax Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $18.00 price target for the company. Guggenheim reissued a "buy" rating and issued a $32.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. JPMorgan Chase & Co. upped their target price on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the company an "overweight" rating in a research report on Thursday, March 20th. Wall Street Zen upgraded Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. Finally, Scotiabank upped their target price on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the company a "sector perform" rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.10.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 7,534 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $9.29, for a total value of $69,990.86. Following the transaction, the chief executive officer owned 298,661 shares in the company, valued at approximately $2,774,560.69. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNDX. Virtus ETF Advisers LLC raised its stake in shares of Syndax Pharmaceuticals by 18.6% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company's stock worth $70,000 after purchasing an additional 827 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Syndax Pharmaceuticals by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock worth $706,000 after purchasing an additional 1,811 shares during the last quarter. Quarry LP purchased a new stake in shares of Syndax Pharmaceuticals in the first quarter worth approximately $25,000. DAFNA Capital Management LLC raised its stake in shares of Syndax Pharmaceuticals by 0.5% in the first quarter. DAFNA Capital Management LLC now owns 544,502 shares of the company's stock worth $6,689,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Syndax Pharmaceuticals by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 224,261 shares of the company's stock worth $2,965,000 after purchasing an additional 2,759 shares during the last quarter.

Syndax Pharmaceuticals Trading Down 2.2%

The stock has a market capitalization of $814.03 million, a PE ratio of -2.45 and a beta of 0.70. The firm has a 50 day moving average price of $9.88 and a 200 day moving average price of $12.18. The company has a quick ratio of 5.75, a current ratio of 5.80 and a debt-to-equity ratio of 1.53.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.98) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.06. The firm had revenue of $20.04 million during the quarter, compared to the consensus estimate of $15.88 million. Syndax Pharmaceuticals had a negative return on equity of 101.60% and a negative net margin of 757.53%. The company's quarterly revenue was up 1900.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.85) earnings per share. Equities analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

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).