Syndax Pharmaceuticals (NASDAQ:SNDX) Announces Quarterly Earnings Results

Syndax Pharmaceuticals (NASDAQ:SNDX) announced its quarterly earnings results on Monday. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.06), FiscalAI reports. The company had revenue of $83.30 million during the quarter, compared to analysts’ expectations of $81.80 million. Syndax Pharmaceuticals had a negative return on equity of 372.94% and a negative net margin of 87.52%.

Syndax Pharmaceuticals Price Performance

Shares of NASDAQ SNDX traded down $0.55 during mid-day trading on Monday, hitting $13.10. 3,174,070 shares of the company’s stock traded hands, compared to its average volume of 1,727,458. The company has a debt-to-equity ratio of 38.95, a current ratio of 6.77 and a quick ratio of 6.44. Syndax Pharmaceuticals has a 1 year low of $12.80 and a 1 year high of $25.59. The company’s 50-day moving average is $17.18 and its two-hundred day moving average is $20.25. The company has a market capitalization of $1.16 billion, a P/E ratio of -5.22 and a beta of 0.42.

Insider Buying and Selling

In related news, Director Dennis Podlesak sold 8,000 shares of Syndax Pharmaceuticals stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $14.21, for a total value of $113,680.00. Following the completion of the transaction, the director owned 239,763 shares in the company, valued at approximately $3,407,032.23. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SNDX. JPMorgan Chase & Co. cut their price target on Syndax Pharmaceuticals from $44.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Bank of America reaffirmed a “buy” rating on shares of Syndax Pharmaceuticals in a research note on Wednesday, August 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $35.00 price objective on shares of Syndax Pharmaceuticals in a report on Tuesday, September 29th. UBS Group reiterated a “buy” rating on shares of Syndax Pharmaceuticals in a research report on Thursday, October 1st. Finally, Weiss Ratings lowered shares of Syndax Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 19th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.80.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc (NASDAQ:SNDX) is a biopharmaceutical company focused on developing and commercializing therapies for cancer and immune-related diseases. Founded in 2005 and headquartered in Waltham, Massachusetts, the company develops medicines designed to address genetically defined cancers and serious complications associated with cancer treatment.

Syndax’s lead product is Revuforj (revumenib), an oral menin inhibitor approved in the United States for the treatment of relapsed or refractory acute leukemia with a KMT2A translocation in eligible adults and children.