Zacks Investment Research Downgrades Syndax Pharmaceuticals (SNDX) to Hold

Zacks Investment Research downgraded shares of Syndax Pharmaceuticals (NASDAQ:SNDX) from a buy rating to a hold rating in a research report released on Thursday morning.

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 research analysts have also recently weighed in on the company. HC Wainwright assumed coverage on Syndax Pharmaceuticals in a report on Thursday, July 12th. They set a buy rating and a $30.00 target price for the company. ValuEngine upgraded Syndax Pharmaceuticals from a sell rating to a hold rating in a report on Friday, July 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $26.00.

Shares of Syndax Pharmaceuticals stock opened at $6.93 on Thursday. Syndax Pharmaceuticals has a 12 month low of $6.10 and a 12 month high of $15.20.

Syndax Pharmaceuticals (NASDAQ:SNDX) last issued its earnings results on Tuesday, August 7th. The company reported ($0.74) earnings per share for the quarter, beating the consensus estimate of ($0.87) by $0.13. The company had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.38 million. Syndax Pharmaceuticals had a negative return on equity of 80.35% and a negative net margin of 3,190.51%. equities analysts anticipate that Syndax Pharmaceuticals will post -3.12 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its holdings in Syndax Pharmaceuticals by 266.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 10,566 shares of the company’s stock valued at $151,000 after acquiring an additional 7,686 shares during the period. Sofinnova Ventures Inc purchased a new stake in Syndax Pharmaceuticals in the 1st quarter worth approximately $173,000. Rhumbline Advisers purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter worth approximately $103,000. DRW Securities LLC purchased a new stake in Syndax Pharmaceuticals in the 2nd quarter worth approximately $105,000. Finally, Deutsche Bank AG lifted its holdings in Syndax Pharmaceuticals by 68.7% in the 4th quarter. Deutsche Bank AG now owns 42,275 shares of the company’s stock worth $369,000 after buying an additional 17,213 shares during the period. Institutional investors own 64.20% of the company’s stock.

About Syndax Pharmaceuticals

Syndax Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapies for various cancer indications. The company's lead product candidate is Entinostat, which is in Phase 3 clinical trial for the treatment of hormone receptor positive or HR+, human epidermal growth factor receptor 2 negative or HER2-, and breast cancer; and Phase 1b/2 clinical trial.

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