Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 6.6% - Here's What Happened

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX - Get Free Report)'s stock price dropped 6.6% during mid-day trading on Wednesday . The company traded as low as $10.08 and last traded at $9.86. Approximately 187,210 shares traded hands during trading, a decline of 88% from the average daily volume of 1,535,496 shares. The stock had previously closed at $10.56.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. StockNews.com upgraded Syndax Pharmaceuticals to a "sell" rating in a research note on Thursday. Scotiabank decreased their price target on Syndax Pharmaceuticals from $18.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. upped their price objective on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an "overweight" rating in a research report on Thursday, March 20th. HC Wainwright reissued a "buy" rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a report on Tuesday, March 4th. Finally, Citigroup dropped their target price on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.20.

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Syndax Pharmaceuticals Stock Performance

The firm's fifty day moving average is $13.66 and its 200-day moving average is $15.31. The company has a market capitalization of $967.13 million, a P/E ratio of -3.10 and a beta of 1.28.

Syndax Pharmaceuticals (NASDAQ:SNDX - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.79). The business had revenue of $7.68 million for the quarter, compared to analysts' expectations of $86.32 million. As a group, analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Neil Gallagher sold 4,618 shares of Syndax Pharmaceuticals 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 $71,579.00. Following the sale, the insider now directly owns 85,095 shares in the company, valued at $1,318,972.50. This trade represents a 5.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael A. Metzger sold 13,288 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $15.50, for a total transaction of $205,964.00. Following the sale, the chief executive officer now directly owns 300,121 shares in the company, valued at $4,651,875.50. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,683 shares of company stock valued at $336,087 in the last 90 days. Corporate insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

A number of hedge funds have recently modified their holdings of SNDX. Franklin Resources Inc. increased its holdings in Syndax Pharmaceuticals by 13.4% in the third quarter. Franklin Resources Inc. now owns 1,763,277 shares of the company's stock valued at $34,948,000 after purchasing an additional 208,043 shares during the period. State Street Corp grew its holdings in Syndax Pharmaceuticals by 4.1% during the 3rd quarter. State Street Corp now owns 3,770,826 shares of the company's stock worth $72,588,000 after acquiring an additional 148,491 shares during the period. Barclays PLC raised its position in shares of Syndax Pharmaceuticals by 143.4% in the 3rd quarter. Barclays PLC now owns 187,629 shares of the company's stock worth $3,612,000 after acquiring an additional 110,535 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Syndax Pharmaceuticals by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,977,082 shares of the company's stock valued at $38,066,000 after purchasing an additional 66,459 shares during the period. Finally, Simplify Asset Management Inc. lifted its stake in shares of Syndax Pharmaceuticals by 20.8% in the 4th quarter. Simplify Asset Management Inc. now owns 147,641 shares of the company's stock valued at $1,952,000 after purchasing an additional 25,456 shares during the period.

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).