Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 4.8% - Here's What Happened

Key Points

• Syndax Pharmaceuticals' stock price fell by 4.8%, closing at $15.08, with trading volume down significantly compared to the average.
• Recent analyst upgrades include BTIG Research increasing their target price from $43.00 to $56.00 and Goldman Sachs boosting it from $20.00 to $24.00, with the overall consensus rating being "Buy."
• The company reported a significant earnings surprise with revenue of $37.96 million for the quarter, surpassing expectations and reflecting a 984.5% increase year-over-year.

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares fell 4.8% during mid-day trading on Tuesday . The stock traded as low as $15.18 and last traded at $15.08. 354,765 shares were traded during trading, a decline of 84% from the average session volume of 2,216,897 shares. The stock had previously closed at $15.84.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNDX. B. Riley raised shares of Syndax Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, August 6th. Stifel Nicolaus began coverage on shares of Syndax Pharmaceuticals in a research note on Wednesday, September 10th. They set a "buy" rating and a $44.00 price target on the stock. BTIG Research reaffirmed a "buy" rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a research note on Friday. Citigroup increased their price target on shares of Syndax Pharmaceuticals from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Guggenheim began coverage on shares of Syndax Pharmaceuticals in a research note on Thursday, September 4th. They set a "buy" rating and a $34.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $39.22.

Syndax Pharmaceuticals Stock Down 4.3%

The firm's 50-day moving average price is $13.49 and its 200-day moving average price is $12.04. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -3.80 and a beta of 0.72. The company has a debt-to-equity ratio of 2.06, a current ratio of 4.71 and a quick ratio of 4.55.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Syndax Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Deutsche Bank AG grew its holdings in Syndax Pharmaceuticals by 35.7% during the 4th quarter. Deutsche Bank AG now owns 89,904 shares of the company's stock worth $1,189,000 after acquiring an additional 23,634 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Syndax Pharmaceuticals during the 4th quarter worth $153,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Syndax Pharmaceuticals by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,748 shares of the company's stock worth $706,000 after acquiring an additional 1,811 shares in the last quarter. Man Group plc bought a new position in shares of Syndax Pharmaceuticals in the 4th quarter worth about $1,607,000. Finally, ProShare Advisors LLC lifted its position in shares of Syndax Pharmaceuticals by 32.2% in the 4th quarter. ProShare Advisors LLC now owns 27,183 shares of the company's stock worth $359,000 after buying an additional 6,627 shares during the last quarter.

About Syndax Pharmaceuticals

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).