Syndax Pharmaceuticals (SNDX) Reaches New 12-Month Low Following Analyst Downgrade

Syndax Pharmaceuticals Inc (NASDAQ:SNDX)’s share price hit a new 52-week low during trading on Thursday after Citigroup lowered their price target on the stock from $15.00 to $12.00. Citigroup currently has a buy rating on the stock. Syndax Pharmaceuticals traded as low as $6.10 and last traded at $6.70, with a volume of 19753 shares changing hands. The stock had previously closed at $6.58.

Several other research firms have also recently issued reports on SNDX. ValuEngine raised shares of Syndax Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, July 6th. HC Wainwright began coverage on shares of Syndax Pharmaceuticals in a research report on Thursday, July 12th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Zacks Investment Research cut shares of Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $23.20.

A number of large investors have recently made changes to their positions in SNDX. Rhumbline Advisers acquired a new stake in Syndax Pharmaceuticals during the 2nd quarter worth $103,000. DRW Securities LLC acquired a new stake in Syndax Pharmaceuticals during the 2nd quarter worth $105,000. The Manufacturers Life Insurance Company increased its stake in Syndax Pharmaceuticals by 266.9% in the first quarter. The Manufacturers Life Insurance Company now owns 10,566 shares of the company’s stock valued at $151,000 after purchasing an additional 7,686 shares during the period. Bank of America Corp DE increased its stake in Syndax Pharmaceuticals by 1,382.0% in the second quarter. Bank of America Corp DE now owns 28,084 shares of the company’s stock valued at $197,000 after purchasing an additional 26,189 shares during the period. Finally, Spark Investment Management LLC acquired a new position in Syndax Pharmaceuticals in the second quarter valued at $198,000. Hedge funds and other institutional investors own 64.20% of the company’s stock.

The company has a market cap of $188.71 million, a P/E ratio of -2.20 and a beta of 1.27.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its quarterly earnings data on Tuesday, August 7th. The company reported ($0.74) EPS for the quarter, beating analysts’ consensus estimates of ($0.87) by $0.13. The company had revenue of $0.38 million for the quarter, compared to analyst estimates of $0.38 million. Syndax Pharmaceuticals had a negative net margin of 3,190.51% and a negative return on equity of 80.35%. Equities analysts expect that Syndax Pharmaceuticals Inc will post -3.12 earnings per share for the current fiscal year.

About Syndax Pharmaceuticals (NASDAQ:SNDX)

Syndax Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapies for various cancer indications. The company's lead product candidate is Entinostat, which is in Phase 3 clinical trial for the treatment of hormone receptor positive or HR+, human epidermal growth factor receptor 2 negative or HER2-, and breast cancer; and Phase 1b/2 clinical trial.

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