Syndax Pharmaceuticals (NASDAQ:SNDX) Shares Gap Down Following Weak Earnings

Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $19.08, but opened at $17.31. Syndax Pharmaceuticals shares last traded at $18.77, with a volume of 473,306 shares traded.

The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.10). Syndax Pharmaceuticals had a negative return on equity of 256.65% and a negative net margin of 111.88%.The firm had revenue of $72.79 million for the quarter, compared to the consensus estimate of $79.36 million. During the same quarter in the previous year, the business posted ($0.83) EPS. Syndax Pharmaceuticals’s revenue was up 91.8% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SNDX shares. UBS Group restated a “buy” rating on shares of Syndax Pharmaceuticals in a report on Friday, June 12th. HC Wainwright cut their target price on shares of Syndax Pharmaceuticals from $40.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings cut shares of Syndax Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Bank of America restated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Wednesday. Finally, Barclays increased their price objective on shares of Syndax Pharmaceuticals from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.36.

Insiders Place Their Bets

In related news, CEO Michael A. Metzger sold 32,375 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.24, for a total value of $784,770.00. Following the transaction, the chief executive officer owned 484,843 shares of the company’s stock, valued at $11,752,594.32. This trade represents a 6.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Nicholas A.J. Botwood sold 31,235 shares of Syndax Pharmaceuticals stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $18.14, for a total transaction of $566,602.90. Following the sale, the chief marketing officer directly owned 60,885 shares of the company’s stock, valued at $1,104,453.90. This represents a 33.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 105,914 shares of company stock valued at $2,120,789 over the last three months. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Syndax Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Elmind Capital LP purchased a new stake in shares of Syndax Pharmaceuticals during the fourth quarter worth about $38,974,000. Vanguard Group Inc. raised its position in shares of Syndax Pharmaceuticals by 21.2% in the 4th quarter. Vanguard Group Inc. now owns 6,230,334 shares of the company’s stock valued at $130,899,000 after purchasing an additional 1,091,717 shares during the last quarter. Bank of America Corp DE raised its position in shares of Syndax Pharmaceuticals by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 3,838,872 shares of the company’s stock valued at $35,951,000 after purchasing an additional 967,873 shares during the last quarter. Orbimed Advisors LLC purchased a new stake in Syndax Pharmaceuticals during the 1st quarter worth approximately $22,479,000. Finally, Qube Research & Technologies Ltd grew its position in Syndax Pharmaceuticals by 99.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,665,916 shares of the company’s stock worth $15,601,000 after purchasing an additional 831,067 shares during the last quarter.

Syndax Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.06 and a current ratio of 5.47. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -6.90 and a beta of 0.40. The stock’s 50 day simple moving average is $20.40 and its 200-day simple moving average is $21.38.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for the treatment of cancer. Headquartered in Waltham, Massachusetts, the company focuses on small-molecule inhibitors that target key epigenetic and protein interaction pathways. Syndax’s research platform aims to enhance the effectiveness of existing therapies and address high unmet medical needs in oncology.

The company’s lead investigational candidate, entinostat, is a selective class I histone deacetylase (HDAC) inhibitor being evaluated for multiple solid tumor and hematologic indications.