Zacks Investment Research Downgrades Syndax Pharmaceuticals (SNDX) to Hold

Share on StockTwits

Syndax Pharmaceuticals (NASDAQ:SNDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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. “

A number of other equities research analysts have also recently commented on SNDX. ValuEngine cut Syndax Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, November 26th. Morgan Stanley cut Syndax Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $6.00 price target on the stock. in a report on Monday, October 29th. Citigroup decreased their price target on Syndax Pharmaceuticals from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, October 11th. HC Wainwright decreased their price target on Syndax Pharmaceuticals to $23.00 and set a “buy” rating on the stock in a report on Friday, October 26th. Finally, Nomura decreased their price target on Syndax Pharmaceuticals from $22.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $16.42.

NASDAQ SNDX traded down $0.06 on Wednesday, hitting $4.61. 6,577 shares of the company traded hands, compared to its average volume of 222,598. The company has a market capitalization of $119.21 million, a PE ratio of -1.59 and a beta of 2.65. Syndax Pharmaceuticals has a 52-week low of $4.36 and a 52-week high of $15.20.

Syndax Pharmaceuticals (NASDAQ:SNDX) last released its earnings results on Monday, November 5th. The company reported ($0.68) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.08. The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.38 million. Syndax Pharmaceuticals had a negative return on equity of 91.11% and a negative net margin of 3,185.75%. Sell-side analysts anticipate that Syndax Pharmaceuticals will post -2.87 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. boosted its position in Syndax Pharmaceuticals by 433.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 70,140 shares of the company’s stock valued at $492,000 after buying an additional 56,988 shares during the period. Rhumbline Advisers purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter worth $103,000. Bank of New York Mellon Corp lifted its position in shares of Syndax Pharmaceuticals by 72.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 80,372 shares of the company’s stock worth $564,000 after purchasing an additional 33,892 shares during the last quarter. Spark Investment Management LLC purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter worth $198,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Syndax Pharmaceuticals during the 2nd quarter worth $368,000. 61.75% of the stock is currently owned by hedge funds and other institutional investors.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc is a clinical stage biopharmaceutical company, which engages in the development of cancer therapies. Its products include candidate and entinostat. The company was founded by Richard A. Heyman, Eckard Weber, Peter Ordentlich, Ronald M. Evans and Michael Downes on October 11, 2005 and is headquartered in Waltham, MA.

See Also: Book Value Per Share – BVPS

Get a free copy of the Zacks research report on Syndax Pharmaceuticals (SNDX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Syndax Pharmaceuticals (NASDAQ:SNDX)

Receive News & Ratings for Syndax Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syndax Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply