Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Down 7.4% on Disappointing Earnings

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX)’s stock price fell 7.4% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $14.23 and last traded at $14.34. 1,069,083 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 2,257,449 shares. The stock had previously closed at $15.48.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group raised their target price on Syndax Pharmaceuticals from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. StockNews.com downgraded shares of Syndax Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. JPMorgan Chase & Co. lifted their target price on shares of Syndax Pharmaceuticals from $35.00 to $39.00 and gave the company an “overweight” rating in a research report on Tuesday. Citigroup dropped 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 report on Tuesday. Finally, Scotiabank decreased their price objective on Syndax Pharmaceuticals from $18.00 to $16.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.00.

Insider Activity

In other Syndax Pharmaceuticals news, CFO Keith A. Goldan sold 3,777 shares of Syndax Pharmaceuticals stock in a transaction 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 completion of the sale, the chief financial officer now owns 90,746 shares of the company’s stock, valued at approximately $1,406,563. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Neil Gallagher sold 4,618 shares of the company’s stock in a transaction 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 owns 85,095 shares of the company’s stock, valued at $1,318,972.50. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,683 shares of company stock valued at $336,087. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNDX. R Squared Ltd bought a new position in Syndax Pharmaceuticals during the fourth quarter worth about $26,000. Quantbot Technologies LP acquired a new stake in shares of Syndax Pharmaceuticals in the 3rd quarter valued at approximately $49,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Syndax Pharmaceuticals by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,078 shares of the company’s stock valued at $58,000 after purchasing an additional 541 shares during the period. Virtus ETF Advisers LLC increased its stake in Syndax Pharmaceuticals by 18.6% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,278 shares of the company’s stock valued at $70,000 after purchasing an additional 827 shares in the last quarter. Finally, Cape Investment Advisory Inc. raised its holdings in Syndax Pharmaceuticals by 157.1% in the fourth quarter. Cape Investment Advisory Inc. now owns 6,427 shares of the company’s stock worth $85,000 after purchasing an additional 3,927 shares during the period.

Syndax Pharmaceuticals Price Performance

The company has a market capitalization of $1.23 billion, a P/E ratio of -3.96 and a beta of 0.90. The business’s 50-day moving average price is $14.26 and its two-hundred day moving average price is $16.71.

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).