Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 6% on Analyst Downgrade

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) dropped 6% 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 were traded during trading, a decline of 85% from the average daily volume of 1,855,152 shares. The stock had previously closed at $9.85.

A number of other research firms also recently issued reports on SNDX. Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a research report on Tuesday, May 6th. Scotiabank upped their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a "sector perform" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, March 20th. Guggenheim reaffirmed a "buy" rating and issued a $32.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group assumed coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Syndax Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $34.10.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in shares of Syndax Pharmaceuticals by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 224,261 shares of the company's stock valued at $2,965,000 after purchasing an additional 2,759 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Syndax Pharmaceuticals by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 704,823 shares of the company's stock worth $9,318,000 after buying an additional 8,876 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Syndax Pharmaceuticals by 18.7% during the 4th quarter. Teacher Retirement System of Texas now owns 22,769 shares of the company's stock worth $301,000 after buying an additional 3,585 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth approximately $219,000. Finally, Simplify Asset Management Inc. raised its stake in shares of Syndax Pharmaceuticals by 20.8% during the 4th quarter. Simplify Asset Management Inc. now owns 147,641 shares of the company's stock worth $1,952,000 after buying an additional 25,456 shares during the period.

Syndax Pharmaceuticals Stock Down 5.6%

The firm has a market cap of $799.83 million, a price-to-earnings ratio of -2.40 and a beta of 0.70. The company has a debt-to-equity ratio of 1.53, a current ratio of 5.80 and a quick ratio of 5.75. The business has a fifty day simple moving average of $10.05 and a 200 day simple moving average of $12.29.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.06. Syndax Pharmaceuticals had a negative net margin of 757.53% and a negative return on equity of 101.60%. The firm had revenue of $20.04 million for the quarter, compared to the consensus estimate of $15.88 million. During the same period in the prior year, the firm earned ($0.85) EPS. The firm's revenue for the quarter was up 1900.0% on a year-over-year basis. As a group, equities analysts forecast 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).

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