Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 7.1% - Time to Sell?

Key Points

• SNDX fell about 7.1% to $19.91 on Friday, with trading volume of 456,591 shares — roughly 67% below its average session volume.
• Analysts still show overall optimism: MarketBeat reports a consensus rating of "Moderate Buy" with an average price target of $40.50, and several firms recently raised their price targets.
• Syndax beat Q1 EPS estimates (reported ($0.48) vs. est. ($0.59)) but missed revenue ($64.9M vs. est. $69.8M), with revenue up 224% year-over-year while the company remains unprofitable and is forecast to post about -1.65 EPS for the year.

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) fell 7.1% during mid-day trading on Friday . The stock traded as low as $19.87 and last traded at $19.91. 456,591 shares changed hands during trading, a decline of 67% from the average session volume of 1,385,343 shares. The stock had previously closed at $21.43.

Analyst Ratings Changes

Several research firms have recently issued reports on SNDX. Wall Street Zen upgraded Syndax Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Barclays raised their price objective on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Friday. The Goldman Sachs Group raised their price objective on Syndax Pharmaceuticals from $28.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, April 1st. Mizuho decreased their price objective on Syndax Pharmaceuticals from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, March 31st. Finally, Jefferies Financial Group restated a "buy" rating and set a $40.00 price objective (down from $48.00) on shares of Syndax Pharmaceuticals in a report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.50.

Syndax Pharmaceuticals Stock Down 8.9%

The company has a current ratio of 4.40, a quick ratio of 4.12 and a debt-to-equity ratio of 5.32. The firm has a market capitalization of $1.72 billion, a PE ratio of -5.93 and a beta of 0.41. The firm has a 50-day moving average of $23.03 and a two-hundred day moving average of $20.35.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.11. The business had revenue of $64.86 million for the quarter, compared to analyst estimates of $69.76 million. Syndax Pharmaceuticals had a negative return on equity of 206.62% and a negative net margin of 165.37%.The business's quarterly revenue was up 224.3% on a year-over-year basis. During the same period last year, the company posted ($0.98) EPS. On average, equities research analysts forecast that Syndax Pharmaceuticals, Inc. will post -1.65 EPS for the current year.

Insider Buying and Selling at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,410 shares of the firm's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $21.03, for a total value of $71,712.30. Following the transaction, the chief financial officer directly owned 140,429 shares of the company's stock, valued at $2,953,221.87. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael A. Metzger sold 17,159 shares of the firm's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $21.03, for a total value of $360,853.77. Following the completion of the transaction, the chief executive officer directly owned 491,690 shares in the company, valued at $10,340,240.70. This trade represents a 3.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,063 shares of company stock worth $628,332 over the last ninety days. Corporate insiders own 4.10% of the company's stock.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of SNDX. Larson Financial Group LLC increased its position in shares of Syndax Pharmaceuticals by 192.2% during the third quarter. Larson Financial Group LLC now owns 2,922 shares of the company's stock worth $45,000 after acquiring an additional 1,922 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Syndax Pharmaceuticals during the third quarter worth about $53,000. Smartleaf Asset Management LLC increased its position in shares of Syndax Pharmaceuticals by 2,698.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,659 shares of the company's stock worth $55,000 after acquiring an additional 2,564 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Syndax Pharmaceuticals during the second quarter worth about $66,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Syndax Pharmaceuticals by 103.3% during the second quarter. Tower Research Capital LLC TRC now owns 8,480 shares of the company's stock worth $79,000 after acquiring an additional 4,308 shares during the last quarter.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax's research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company's lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.

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