Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down – Time to Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price gapped down prior to trading 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 traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SNDX shares. Citigroup raised their target price on shares of Syndax Pharmaceuticals from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Mizuho cut their target price on shares of Syndax Pharmaceuticals from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Syndax Pharmaceuticals in a report on Friday, March 27th. Barclays boosted their price objective on Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Finally, Stifel Nicolaus set a $45.00 price objective on Syndax Pharmaceuticals in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.55.

Syndax Pharmaceuticals Trading Down 3.8%

The company has a market cap of $1.54 billion, a price-to-earnings ratio of -6.22 and a beta of 0.38. The company has a debt-to-equity ratio of 8.26, a current ratio of 5.47 and a quick ratio of 5.06. The firm’s fifty day moving average price is $21.65 and its 200-day moving average price is $21.20.

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

Insider Buying and Selling at Syndax Pharmaceuticals

In other 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 transaction of $130,024.53. Following the sale, the chief executive officer owned 484,843 shares of the company’s stock, valued at approximately $9,207,168.57. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Syndax Pharmaceuticals by 21.2% during the fourth quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after buying an additional 1,091,717 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Syndax Pharmaceuticals by 3.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,695,375 shares of the company’s stock valued at $119,660,000 after buying an additional 208,941 shares during the last quarter. State Street Corp raised its holdings in shares of Syndax Pharmaceuticals by 19.3% during the fourth quarter. State Street Corp now owns 4,596,552 shares of the company’s stock valued at $96,574,000 after buying an additional 743,003 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Syndax Pharmaceuticals by 33.7% during the second quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after buying an additional 967,873 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. raised its holdings in shares of Syndax Pharmaceuticals by 19.0% during the third quarter. Kingdon Capital Management L.L.C. now owns 2,500,000 shares of the company’s stock valued at $38,462,000 after buying an additional 400,000 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.