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

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) shares gapped down prior to trading on Tuesday. The stock had previously closed at $16.55, but opened at $14.61. Syndax Pharmaceuticals shares last traded at $13.53, with a volume of 1,595,859 shares trading hands.

Key Headlines Impacting Syndax Pharmaceuticals

Here are the key news stories impacting Syndax Pharmaceuticals this week:

• Positive Sentiment: HC Wainwright reaffirmed its Buy rating and maintained a $38 price target, implying substantial upside from recent trading levels. This indicates the firm continues to see value in Syndax’s remaining pipeline despite the trial failure.
• Positive Sentiment: Bank of America Securities said the selloff following the trial news appears “overdone,” suggesting investors may have disproportionately discounted the company’s other assets and future opportunities. Bank of America assessment of Syndax selloff
• Neutral Sentiment: SueWallSt announced a pending investigation into potential securities-law violations on behalf of shareholders who suffered losses. The notice is an allegation and does not establish wrongdoing by Syndax, but it could add legal and reputational pressure. Syndax investigation notice
• Negative Sentiment: Syndax’s Phase 2 MAXPIRe trial of axatilimab in idiopathic pulmonary fibrosis failed to meet its primary endpoint—the annualized rate of decline in forced vital capacity. The result undermines the drug’s potential in this large indication and triggered a steep selloff. Syndax MAXPIRe trial misses primary endpoint
• Negative Sentiment: The company plans to abandon further development of axatilimab in idiopathic pulmonary fibrosis, reducing the drug’s commercial opportunity and increasing investor focus on Syndax’s remaining programs. Syndax abandons idiopathic pulmonary fibrosis development

Analyst Ratings Changes

A number of analysts have recently commented on SNDX shares. UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Thursday, October 1st. JPMorgan Chase & Co. decreased their price target on shares of Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Jefferies Financial Group reissued a “buy” rating and set a $35.00 price target on shares of Syndax Pharmaceuticals in a research report on Tuesday, September 29th. HC Wainwright reissued a “buy” rating and set a $38.00 price objective on shares of Syndax Pharmaceuticals in a research note on Tuesday. Finally, Bank of America reissued a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.80.

Syndax Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. The company has a market capitalization of $1.20 billion, a PE ratio of -5.39 and a beta of 0.42. The firm has a 50-day moving average of $18.75 and a 200 day moving average of $20.32.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its quarterly earnings data 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 business had revenue of $72.79 million during the quarter, compared to the consensus estimate of $79.36 million. During the same quarter in the previous year, the business posted ($0.83) earnings per share. Syndax Pharmaceuticals’s quarterly revenue was up 91.8% compared to the same quarter last year. As a group, research analysts anticipate that Syndax Pharmaceuticals, Inc. will post -2.03 earnings per share for the current fiscal year.

Institutional Trading of Syndax Pharmaceuticals

A number of institutional investors have recently made changes to their positions in SNDX. BlackRock Inc. purchased a new position in Syndax Pharmaceuticals in the second quarter worth about $197,177,000. Bank of America Corp DE bought a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter valued at about $88,426,000. Elmind Capital LP bought a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter valued at about $40,550,300. Trails Edge Capital Partners LP purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter valued at about $24,264,600. Finally, Algert Global LLC increased its position in shares of Syndax Pharmaceuticals by 13.2% during the 2nd quarter. Algert Global LLC now owns 1,051,465 shares of the company’s stock valued at $22,985,000 after purchasing an additional 122,897 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.