Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Up – Here’s Why

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) gapped up prior to trading on Tuesday . The stock had previously closed at $9.30, but opened at $10.03. Syndax Pharmaceuticals shares last traded at $10.39, with a volume of 366,975 shares trading hands.

Analyst Ratings Changes

SNDX has been the topic of a number of research reports. StockNews.com upgraded shares of Syndax Pharmaceuticals to a “sell” rating in a report on Tuesday, May 6th. Guggenheim reissued a “buy” rating and set a $32.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, May 6th. Scotiabank upped their price target on Syndax Pharmaceuticals from $16.00 to $17.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 6th. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. Finally, Citigroup lowered their price objective on 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 ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.91.

Syndax Pharmaceuticals Stock Up 12.4%

The stock has a market capitalization of $899.62 million, a price-to-earnings ratio of -2.86 and a beta of 0.82. The stock has a fifty day moving average of $12.02 and a 200-day moving average of $13.97.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.98) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.06. The company had revenue of $20.04 million for the quarter, compared to analysts’ expectations of $15.88 million. During the same quarter in the prior year, the firm posted ($0.85) EPS. The firm’s quarterly revenue was up 1900.0% compared to the same quarter last year. On average, equities analysts forecast that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in shares of Syndax Pharmaceuticals by 143.4% in the third quarter. Barclays PLC now owns 187,629 shares of the company’s stock valued at $3,612,000 after acquiring an additional 110,535 shares during the period. Jump Financial LLC boosted its stake in Syndax Pharmaceuticals by 80.8% during the 4th quarter. Jump Financial LLC now owns 173,890 shares of the company’s stock worth $2,299,000 after purchasing an additional 77,699 shares during the period. Simplify Asset Management Inc. grew its position in Syndax Pharmaceuticals by 20.8% during the 4th quarter. Simplify Asset Management Inc. now owns 147,641 shares of the company’s stock worth $1,952,000 after purchasing an additional 25,456 shares during the last quarter. Octagon Capital Advisors LP acquired a new position in Syndax Pharmaceuticals in the fourth quarter valued at $11,951,000. Finally, abrdn plc purchased a new position in shares of Syndax Pharmaceuticals in the 4th quarter valued at approximately $1,313,000.

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).