Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 5.3%

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price was down 5.3% during mid-day trading on Monday . The stock traded as low as $18.07 and last traded at $18.11. Approximately 358,265 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 1,078,578 shares. The stock had previously closed at $19.12.

Wall Street Analyst Weigh In

SNDX has been the subject of several research analyst reports. Stifel Nicolaus boosted their price objective on Syndax Pharmaceuticals from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their price objective on Syndax Pharmaceuticals from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Bank of America raised their price objective on shares of Syndax Pharmaceuticals from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. HC Wainwright upped their target price on shares of Syndax Pharmaceuticals from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Scotiabank lowered shares of Syndax Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.33.

Syndax Pharmaceuticals Stock Down 4.8 %

The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -5.94 and a beta of 0.91. The company’s 50-day moving average is $21.16 and its 200-day moving average is $21.33.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.91) by $0.11. The company had revenue of $3.50 million during the quarter. Syndax Pharmaceuticals’s revenue for the quarter was up 3499999990.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.64) EPS. On average, research analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.66 earnings per share for the current year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. BVF Inc. IL acquired a new stake in shares of Syndax Pharmaceuticals during the fourth quarter worth approximately $40,519,000. Avoro Capital Advisors LLC raised its position in Syndax Pharmaceuticals by 65.2% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,222,222 shares of the company’s stock valued at $91,242,000 after purchasing an additional 1,666,667 shares during the last quarter. Kynam Capital Management LP boosted its stake in Syndax Pharmaceuticals by 41.5% in the fourth quarter. Kynam Capital Management LP now owns 5,660,000 shares of the company’s stock worth $122,313,000 after purchasing an additional 1,660,000 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Syndax Pharmaceuticals during the fourth quarter worth $29,236,000. Finally, Avidity Partners Management LP increased its stake in shares of Syndax Pharmaceuticals by 40.0% in the fourth quarter. Avidity Partners Management LP now owns 3,950,000 shares of the company’s stock valued at $85,360,000 after buying an additional 1,129,000 shares in 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).