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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) shares traded down 5.7% during mid-day trading on Friday . The stock 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.

Wall Street Analyst Weigh In

SNDX has been the topic of a number of recent research reports. Scotiabank lifted 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. Citigroup dropped their target price on Syndax Pharmaceuticals from $45.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Guggenheim reiterated a "buy" rating and issued a $32.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, May 6th. Wall Street Zen upgraded shares of Syndax Pharmaceuticals to a "sell" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Syndax Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $35.91.

Syndax Pharmaceuticals Stock Up 1.9%

The stock has a market capitalization of $870.80 million, a price-to-earnings ratio of -2.79 and a beta of 0.82. The company's fifty day simple moving average is $11.68 and its 200 day simple moving average is $13.58.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.98) EPS for the quarter, beating analysts' consensus estimates of ($1.04) by $0.06. The company had revenue of $20.04 million during the quarter, compared to analyst estimates of $15.88 million. During the same quarter last year, the company posted ($0.85) EPS. The firm's quarterly revenue was up 1900.0% on a year-over-year basis. As a group, analysts anticipate that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Syndax Pharmaceuticals by 18.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 200,696 shares of the company's stock worth $2,466,000 after buying an additional 30,596 shares in the last quarter. Zimmer Partners LP acquired a new stake in Syndax Pharmaceuticals during the 1st quarter worth approximately $2,619,000. Exome Asset Management LLC boosted its position in Syndax Pharmaceuticals by 5.7% during the 1st quarter. Exome Asset Management LLC now owns 337,198 shares of the company's stock worth $4,142,000 after buying an additional 18,298 shares during the period. Caxton Associates LLP acquired a new stake in Syndax Pharmaceuticals during the 1st quarter worth approximately $257,000. Finally, Parkman Healthcare Partners LLC boosted its position in Syndax Pharmaceuticals by 12.9% during the 1st quarter. Parkman Healthcare Partners LLC now owns 594,987 shares of the company's stock worth $7,309,000 after buying an additional 68,014 shares during the period.

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).