Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Down 6.5% – Should You Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares fell 6.5% during trading on Monday . The company traded as low as $20.36 and last traded at $19.9260. 100,530 shares changed hands during trading, a decline of 82% from the average session volume of 572,817 shares. The stock had previously closed at $21.30.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SNDX. HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Syndax Pharmaceuticals in a research note on Monday, October 27th. UBS Group boosted their target price on Syndax Pharmaceuticals from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. BTIG Research reiterated a “buy” rating and set a $56.00 price target on shares of Syndax Pharmaceuticals in a research note on Tuesday, December 9th. Wall Street Zen upgraded Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. reduced their price target on Syndax Pharmaceuticals from $40.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Syndax Pharmaceuticals Stock Down 6.9%

The stock has a market capitalization of $1.72 billion, a P/E ratio of -5.50 and a beta of 0.48. The stock has a 50 day moving average price of $18.46 and a 200-day moving average price of $15.06. The company has a debt-to-equity ratio of 2.78, a current ratio of 4.64 and a quick ratio of 4.42.

Syndax Pharmaceuticals (NASDAQ:SNDX) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.04. The firm had revenue of $45.87 million during the quarter, compared to the consensus estimate of $49.08 million. Syndax Pharmaceuticals had a negative return on equity of 160.60% and a negative net margin of 279.31%.The business’s revenue was up 266.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.98) earnings per share. As a group, research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of SNDX. Velan Capital Investment Management LP purchased a new stake in Syndax Pharmaceuticals during the 3rd quarter valued at $2,000,000. Scientech Research LLC bought a new position in shares of Syndax Pharmaceuticals in the 3rd quarter valued at about $475,000. Palo Alto Investors LP boosted its stake in shares of Syndax Pharmaceuticals by 47.4% during the 3rd quarter. Palo Alto Investors LP now owns 654,930 shares of the company’s stock worth $10,076,000 after purchasing an additional 210,563 shares during the period. Mariner LLC bought a new position in Syndax Pharmaceuticals in the 3rd quarter valued at $361,000. Finally, Larson Financial Group LLC grew its position in shares of Syndax Pharmaceuticals by 192.2% during the 3rd quarter. Larson Financial Group LLC now owns 2,922 shares of the company’s stock worth $45,000 after buying an additional 1,922 shares in the last quarter.

Syndax Pharmaceuticals Company Profile

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.