Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 5.7% - Here's Why

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s share price fell 5.7% during trading on Friday . The company traded as low as $10.27 and last traded at $10.19. 664,197 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,754,898 shares. The stock had previously closed at $10.81.

Analyst Ratings Changes

A number of brokerages recently issued reports on SNDX. Guggenheim reiterated a "buy" rating and issued a $32.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Citigroup reduced their price objective on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price objective on Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, March 20th. HC Wainwright restated a "buy" rating and set a $51.00 price target on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Finally, Wall Street Zen raised Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.91.

Syndax Pharmaceuticals Trading Down 6.6%

The company has a market capitalization of $868.82 million, a PE ratio of -2.78 and a beta of 0.82. The stock has a fifty day moving average of $11.88 and a two-hundred day moving average of $13.86.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released 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 company had revenue of $20.04 million during the quarter, compared to analysts' expectations of $15.88 million. During the same quarter in the prior year, the firm posted ($0.85) EPS. The firm's quarterly revenue was up 1900.0% on a year-over-year basis. Equities analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Virtus ETF Advisers LLC boosted its holdings in 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 acquiring an additional 827 shares in the last quarter. E Fund Management Co. Ltd. increased its stake in Syndax Pharmaceuticals by 14.4% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,603 shares of the company's stock valued at $167,000 after purchasing an additional 1,583 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Syndax Pharmaceuticals by 10.6% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,099 shares of the company's stock valued at $239,000 after purchasing an additional 1,732 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 buying an additional 1,811 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of Syndax Pharmaceuticals in the fourth quarter worth approximately $26,000.

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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