Syndax Pharmaceuticals (NASDAQ:SNDX) Trading Down 7.4% Following Weak Earnings

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report) dropped 7.4% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $14.23 and last traded at $14.34. Approximately 1,069,083 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 2,257,449 shares. The stock had previously closed at $15.48.

The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.79). The company had revenue of $7.68 million during the quarter, compared to analysts' expectations of $86.32 million.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Syndax Pharmaceuticals from $35.00 to $39.00 and gave the stock an "overweight" rating in a report on Tuesday. HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday. Citigroup decreased their price target on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday. Scotiabank lowered their price target on shares of Syndax Pharmaceuticals from $18.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, January 8th. Finally, StockNews.com lowered shares of Syndax Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, November 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.00.

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Insider Transactions at Syndax Pharmaceuticals

In other Syndax Pharmaceuticals news, insider Neil Gallagher sold 4,618 shares of the company's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $71,579.00. Following the transaction, the insider now directly owns 85,095 shares in the company, valued at approximately $1,318,972.50. This represents a 5.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith A. Goldan sold 3,777 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $15.50, for a total transaction of $58,543.50. Following the transaction, the chief financial officer now directly owns 90,746 shares in the company, valued at $1,406,563. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,683 shares of company stock worth $336,087. Company insiders own 4.10% of the company's stock.

Institutional Trading of Syndax Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in SNDX. R Squared Ltd purchased a new position in shares of Syndax Pharmaceuticals during the 4th quarter worth about $26,000. Quantbot Technologies LP acquired a new position in Syndax Pharmaceuticals during the third quarter worth approximately $49,000. Virtus ETF Advisers LLC raised its stake in Syndax Pharmaceuticals by 18.6% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company's stock worth $70,000 after purchasing an additional 827 shares during the period. Cape Investment Advisory Inc. boosted its holdings in shares of Syndax Pharmaceuticals by 157.1% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,427 shares of the company's stock valued at $85,000 after purchasing an additional 3,927 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Syndax Pharmaceuticals by 104.8% during the 4th quarter. KBC Group NV now owns 6,954 shares of the company's stock valued at $92,000 after buying an additional 3,559 shares during the period.

Syndax Pharmaceuticals Trading Down 6.1 %

The company has a market capitalization of $1.15 billion, a PE ratio of -3.70 and a beta of 0.90. The company's 50 day moving average price is $14.33 and its 200-day moving average price is $16.63.

Syndax Pharmaceuticals Company Profile

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).