Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down on Analyst Downgrade

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Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $39.00 to $30.00. The stock had previously closed at $14.86, but opened at $14.30. Robert W. Baird currently has an outperform rating on the stock. Syndax Pharmaceuticals shares last traded at $14.31, with a volume of 2,135 shares changing hands.

SNDX has been the topic of a number of other research reports. B. Riley initiated coverage on Syndax Pharmaceuticals in a report on Thursday, February 18th. They issued a “buy” rating and a $30.00 price objective on the stock. Zacks Investment Research raised Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $27.58.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Mercantile Trust Co. purchased a new stake in Syndax Pharmaceuticals during the fourth quarter worth $44,000. Pacer Advisors Inc. acquired a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth $56,000. SG Americas Securities LLC purchased a new stake in shares of Syndax Pharmaceuticals in the 4th quarter worth about $107,000. Navis Wealth Advisors LLC acquired a new stake in Syndax Pharmaceuticals in the 4th quarter valued at about $133,000. Finally, Citigroup Inc. increased its holdings in Syndax Pharmaceuticals by 363.1% during the 4th quarter. Citigroup Inc. now owns 6,984 shares of the company’s stock valued at $155,000 after acquiring an additional 5,476 shares in the last quarter. 83.78% of the stock is owned by hedge funds and other institutional investors.

The firm’s fifty day simple moving average is $22.64 and its 200-day simple moving average is $21.76. The company has a market cap of $697.49 million, a PE ratio of -7.90 and a beta of 1.80. The company has a quick ratio of 11.71, a current ratio of 11.71 and a debt-to-equity ratio of 0.15.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its earnings results on Sunday, March 7th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.05. The firm had revenue of $0.38 million for the quarter. Syndax Pharmaceuticals had a negative return on equity of 77.47% and a negative net margin of 4,656.63%. On average, analysts predict that Syndax Pharmaceuticals, Inc. will post -1.85 earnings per share for the current year.

Syndax Pharmaceuticals Company Profile (NASDAQ:SNDX)

Syndax Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. The company's lead product candidates are entinostat that is in Phase III clinical trials for the treatment of advanced hormone receptor positive (HR+), human epidermal growth factor receptor 2 negative (HER2-) breast cancer; and SNDX-5613 in Phase I/II clinical trial inhibitor that targets the binding interaction of Menin with mixed lineage leukemia-rearranged and acute myeloid leukemia with a mutated nucleophosmin 1.

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