Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Passes Below 50-Day Moving Average – Should You Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $22.82 and traded as low as $19.40. Syndax Pharmaceuticals shares last traded at $20.13, with a volume of 1,026,856 shares traded.

Analyst Ratings Changes

Several brokerages have commented on SNDX. Citigroup lifted their price objective on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. HC Wainwright reiterated a “buy” rating and issued a $40.00 target price on shares of Syndax Pharmaceuticals in a research note on Friday. Wall Street Zen upgraded shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a research note on Friday, March 27th. Finally, UBS Group decreased their target price on shares of Syndax Pharmaceuticals from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Syndax Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $42.55.

Syndax Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -7.15 and a beta of 0.41. The firm’s 50 day moving average is $22.64 and its 200-day moving average is $20.98. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47.

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

Institutional Investors Weigh In On Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ADAR1 Capital Management LLC increased its holdings in Syndax Pharmaceuticals by 45.8% in the 1st quarter. ADAR1 Capital Management LLC now owns 17,500 shares of the company’s stock worth $409,000 after acquiring an additional 5,500 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Syndax Pharmaceuticals by 31.7% in the first quarter. California State Teachers Retirement System now owns 103,009 shares of the company’s stock valued at $2,406,000 after purchasing an additional 24,810 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Syndax Pharmaceuticals by 56.7% in the first quarter. The Manufacturers Life Insurance Company now owns 39,904 shares of the company’s stock valued at $932,000 after purchasing an additional 14,443 shares during the period. Quantinno Capital Management LP boosted its position in shares of Syndax Pharmaceuticals by 11.0% during the 1st quarter. Quantinno Capital Management LP now owns 22,576 shares of the company’s stock worth $527,000 after purchasing an additional 2,237 shares during the period. Finally, SummitTX Capital L.P. boosted its position in shares of Syndax Pharmaceuticals by 69.6% during the 1st quarter. SummitTX Capital L.P. now owns 66,340 shares of the company’s stock worth $1,550,000 after purchasing an additional 27,213 shares during the period.

Syndax Pharmaceuticals Company Profile

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.