Syndax Pharmaceuticals (NASDAQ:SNDX) Reaches New 1-Year Low – Time to Sell?

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) hit a new 52-week low during mid-day trading on Friday. The company traded as low as $12.95 and last traded at $12.97, with a volume of 736,616 shares trading hands. The stock had previously closed at $13.65.

Analyst Ratings Changes

SNDX has been the subject of several recent research reports. UBS Group reissued a “buy” rating on shares of Syndax Pharmaceuticals in a report on Thursday, October 1st. JPMorgan Chase & Co. reduced their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $35.00 price objective on shares of Syndax Pharmaceuticals in a research report on Tuesday, September 29th. Finally, Weiss Ratings raised Syndax Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $41.80.

Syndax Pharmaceuticals Price Performance

The firm has a 50 day moving average of $18.63 and a 200-day moving average of $20.25. The company has a market cap of $1.15 billion, a P/E ratio of -5.17 and a beta of 0.42. The company has a current ratio of 6.77, a quick ratio of 6.44 and a debt-to-equity ratio of 38.95.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Tuesday, August 4th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%. The company had revenue of $72.79 million during the quarter, compared to analysts’ expectations of $79.36 million. During the same period last year, the firm posted ($0.83) EPS. Syndax Pharmaceuticals’s quarterly revenue was up 91.8% compared to the same quarter last year. On average, equities research analysts predict that Syndax Pharmaceuticals, Inc. will post -2.01 EPS for the current year.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Syndax Pharmaceuticals by 10.5% in the 2nd quarter. Tidal Investments LLC now owns 72,212 shares of the company’s stock worth $1,579,000 after purchasing an additional 6,886 shares during the period. WINTON GROUP Ltd boosted its position in shares of Syndax Pharmaceuticals by 642.7% during the second quarter. WINTON GROUP Ltd now owns 76,500 shares of the company’s stock valued at $1,672,000 after buying an additional 66,200 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Syndax Pharmaceuticals during the second quarter valued at approximately $73,000. Squarepoint Ops LLC grew its stake in shares of Syndax Pharmaceuticals by 104.0% during the second quarter. Squarepoint Ops LLC now owns 370,317 shares of the company’s stock valued at $8,095,000 after buying an additional 188,765 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Syndax Pharmaceuticals by 2.9% during the second quarter. Arizona State Retirement System now owns 23,120 shares of the company’s stock valued at $505,000 after buying an additional 642 shares during the last quarter.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research programs target biological pathways involved in malignancy and immune-related conditions, with an emphasis on medicines that may address significant unmet medical needs.

Syndax’s lead product, Revuforj (revumenib), is an oral menin inhibitor approved by the U.S. Food and Drug Administration for treating relapsed or refractory acute leukemia with a KMT2A translocation in adults and pediatric patients aged one year and older.