Zacks Investment Research Downgrades Syndax Pharmaceuticals Inc. (SNDX) to Sell
Syndax Pharmaceuticals Inc. (NASDAQ:SNDX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Syndax Pharmaceuticals, Inc. is a biopharmaceutical company which focused on the development and commercialization of entinostat, an epigenetic therapy for treatment-resistant cancers. The Company’s product pipeline includes ENCORE 601, ENCORE 602, J1353, NCI-7870, NCI-9844, E2112, NCI-8871 and NCI-9253 which are in clinical trial stage. Syndax Pharmaceuticals, Inc. is based in WALTHAM, United States. “
Several other equities analysts have also recently weighed in on the company. Guggenheim initiated coverage on Syndax Pharmaceuticals in a report on Friday, October 7th. They set a “buy” rating and a $29.00 price target on the stock. JMP Securities reissued a “buy” rating on shares of Syndax Pharmaceuticals in a report on Wednesday, November 9th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $25.80.
Syndax Pharmaceuticals (NASDAQ:SNDX) opened at 10.10 on Friday. The stock’s market capitalization is $179.60 million. Syndax Pharmaceuticals has a 52-week low of $8.97 and a 52-week high of $18.03. The company’s 50-day moving average price is $13.28 and its 200 day moving average price is $13.10.
A number of institutional investors have recently made changes to their positions in SNDX. Wellington Management Group LLP bought a new position in shares of Syndax Pharmaceuticals during the first quarter worth approximately $17,557,000. BlackRock Advisors LLC boosted its position in shares of Syndax Pharmaceuticals by 232.7% in the second quarter. BlackRock Advisors LLC now owns 1,026,902 shares of the company’s stock worth $10,115,000 after buying an additional 718,209 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Syndax Pharmaceuticals by 16.6% in the second quarter. Jennison Associates LLC now owns 537,545 shares of the company’s stock worth $5,247,000 after buying an additional 76,653 shares in the last quarter. Cormorant Asset Management LLC bought a new position in shares of Syndax Pharmaceuticals during the first quarter worth approximately $2,856,000. Finally, BlackRock Group LTD bought a new position in shares of Syndax Pharmaceuticals during the first quarter worth approximately $2,379,000. 56.67% of the stock is currently owned by institutional investors.
About Syndax Pharmaceuticals
Syndax Pharmaceuticals, Inc (Syndax) is a clinical stage biopharmaceutical company focused on developing a pipeline of combination therapies in multiple cancer indications. The Company’s product candidate, entinostat, which was granted Breakthrough Therapy designation by the FDA following positive results from its Phase IIb clinical trial, ENCORE 301, is being evaluated in a Phase III clinical trial for advanced hormone receptor positive breast cancer.
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