Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down – Here’s What Happened

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) gapped down before the market opened on Thursday . The stock had previously closed at $18.34, but opened at $17.10. Syndax Pharmaceuticals shares last traded at $17.96, with a volume of 2,644,078 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SNDX shares. Stifel Nicolaus set a $45.00 price objective on Syndax Pharmaceuticals in a research report on Friday, February 27th. Mizuho lowered their price target on Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. JPMorgan Chase & Co. boosted their price target on Syndax Pharmaceuticals from $33.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, March 9th. Wall Street Zen raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Finally, Barclays boosted their price target on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $42.55.

Syndax Pharmaceuticals Trading Down 2.0%

The company has a current ratio of 5.47, a quick ratio of 5.06 and a debt-to-equity ratio of 8.26. The stock has a 50 day simple moving average of $21.90 and a 200-day simple moving average of $21.22. The firm has a market cap of $1.59 billion, a P/E ratio of -6.44 and a beta of 0.38.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.11. Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The business had revenue of $64.86 million for the quarter, compared to the consensus estimate of $69.76 million. During the same quarter in the previous year, the company posted ($0.98) EPS. The company’s revenue was up 224.3% compared to the same quarter last year. On average, equities research analysts expect that Syndax Pharmaceuticals, Inc. will post -1.66 EPS for the current fiscal year.

Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, CEO Michael A. Metzger sold 6,847 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.99, for a total value of $130,024.53. Following the sale, the chief executive officer owned 484,843 shares of the company’s stock, valued at $9,207,168.57. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.10% of the stock is currently owned by insiders.

Institutional Trading of Syndax Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its stake in Syndax Pharmaceuticals by 2,698.9% in the 4th 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. Larson Financial Group LLC increased its position in shares of Syndax Pharmaceuticals by 192.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock valued at $45,000 after purchasing an additional 1,922 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Syndax Pharmaceuticals during the 3rd quarter valued at approximately $53,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Syndax Pharmaceuticals by 26.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,223 shares of the company’s stock valued at $89,000 after purchasing an additional 893 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Syndax Pharmaceuticals during the 2nd quarter valued at approximately $66,000.

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.