Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month Low – Should You Sell?

Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) hit a new 52-week low during trading on Tuesday . The stock traded as low as $11.69 and last traded at $11.81, with a volume of 60622 shares traded. The stock had previously closed at $12.29.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SNDX. HC Wainwright reiterated a “buy” rating and issued a $51.00 target price on shares of Syndax Pharmaceuticals in a research note on Tuesday, March 4th. StockNews.com raised shares of Syndax Pharmaceuticals to a “sell” rating in a report on Wednesday. Citigroup reduced their price objective on shares of Syndax Pharmaceuticals from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price target on shares of Syndax Pharmaceuticals from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Syndax Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.12 billion, a P/E ratio of -3.57 and a beta of 0.92. The firm’s 50-day simple moving average is $14.23 and its 200 day simple moving average is $15.75.

Syndax Pharmaceuticals (NASDAQ:SNDX) last posted its earnings results on Monday, March 3rd. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.79). The firm had revenue of $7.68 million during the quarter, compared to the consensus estimate of $86.32 million. As a group, research analysts expect that Syndax Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In other Syndax Pharmaceuticals news, insider Neil Gallagher sold 4,618 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $15.50, for a total value of $71,579.00. Following the completion of the sale, the insider now directly owns 85,095 shares of the company’s stock, valued at approximately $1,318,972.50. This represents a 5.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith A. Goldan sold 3,777 shares of Syndax Pharmaceuticals stock in a transaction on Monday, February 10th. The stock was sold at an average price of $15.50, for a total value of $58,543.50. Following the sale, the chief financial officer now owns 90,746 shares in the company, valued at $1,406,563. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,683 shares of company stock valued at $336,087. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Syndax Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its holdings in shares of Syndax Pharmaceuticals by 343.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,064,456 shares of the company’s stock worth $27,292,000 after buying an additional 1,598,428 shares during the last quarter. Soleus Capital Management L.P. increased its stake in shares of Syndax Pharmaceuticals by 128.4% during the fourth quarter. Soleus Capital Management L.P. now owns 2,492,000 shares of the company’s stock valued at $32,944,000 after purchasing an additional 1,401,016 shares in the last quarter. Octagon Capital Advisors LP bought a new position in Syndax Pharmaceuticals in the 4th quarter worth about $11,951,000. Renaissance Technologies LLC bought a new stake in shares of Syndax Pharmaceuticals in the 4th quarter worth $9,002,000. Finally, Trexquant Investment LP boosted its holdings in Syndax Pharmaceuticals by 1,309.7% in the fourth quarter. Trexquant Investment LP now owns 471,292 shares of the company’s stock worth $6,230,000 after purchasing an additional 437,859 shares during the last quarter.

Syndax Pharmaceuticals Company Profile

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).