Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 2.6% - Should You Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s stock price dropped 2.6% during trading on Tuesday . The company traded as low as $12.94 and last traded at $12.97. Approximately 881,625 shares traded hands during trading, a decline of 31% from the average daily volume of 1,270,277 shares. The stock had previously closed at $13.31.

Wall Street Analyst Weigh In

SNDX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Syndax Pharmaceuticals from $33.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. Stifel Nicolaus upped their price objective on Syndax Pharmaceuticals from $40.00 to $41.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. The Goldman Sachs Group lifted their target price on Syndax Pharmaceuticals from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. StockNews.com cut Syndax Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, November 23rd. Finally, Citigroup raised their price target on shares of Syndax Pharmaceuticals from $37.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.90.

Syndax Pharmaceuticals Price Performance

The firm has a market capitalization of $1.12 billion, a P/E ratio of -3.60 and a beta of 0.86. The firm's 50 day moving average is $17.17 and its two-hundred day moving average is $19.21.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.15. The firm had revenue of $12.50 million for the quarter, compared to analyst estimates of $9.16 million. During the same quarter in the prior year, the firm earned ($0.73) earnings per share. Analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Syndax Pharmaceuticals by 18.9% during the second quarter. Bank of New York Mellon Corp now owns 291,826 shares of the company's stock worth $5,991,000 after buying an additional 46,463 shares in the last quarter. Peregrine Capital Management LLC raised its stake in Syndax Pharmaceuticals by 1.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 198,659 shares of the company's stock worth $4,078,000 after purchasing an additional 2,580 shares in the last quarter. nVerses Capital LLC bought a new stake in Syndax Pharmaceuticals in the 2nd quarter valued at about $33,000. Rhumbline Advisers increased its holdings in shares of Syndax Pharmaceuticals by 9.4% during the second quarter. Rhumbline Advisers now owns 119,285 shares of the company's stock worth $2,449,000 after purchasing an additional 10,291 shares during the period. Finally, Quest Partners LLC raised its position in shares of Syndax Pharmaceuticals by 138.9% in the second quarter. Quest Partners LLC now owns 13,635 shares of the company's stock valued at $280,000 after buying an additional 7,928 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).