Possible Explanations for Why Syndax Pharmaceuticals, Inc. (SNDX) Trades Today Down -7.83%

An interesting stock that came up in some of our conversations today is Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX). At current price of $6.91, the shares have already lost -0.59 points (-7.83% lower) from its previous close of $7.5. Should you buy or avoid them? The stock sets an active trading volume day with a reported 82729 contracts so far this session. SNDX shares had a relatively better volume day versus average trading capacity of 195.01 thousand shares, but with a 27.09 million float and a -2.22% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SNDX stock indicates that the average analyst price target is $18.75 per share. This means the stock has a potential increase of 171.35% from where the SNDX share price has been trading recently which is between $7.22 and $7.56. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.

The shorts are climbing into Syndax Pharmaceuticals, Inc. (SNDX) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in SNDX shares. While short interest still represents only 1.83% of SNDX’s float, the number of shares shorted have risen by 88589. The number of shares shorted advanced to 584486 shares, up from 495897 shares during the preceding fortnight. With average daily trading volumes at 158368 shares, days to cover increased to about 1.955746 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Have Insiders Been Buying Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Shares This Year?” and dated May 16, 2019.

Looking at the current readings for Syndax Pharmaceuticals, Inc., the two-week RSI stands at 49.5. This figure suggests that SNDX stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SNDX readings is similarly very revealing as it has a stochastic reading of 47.65% at this stage. This figure means that SNDX share price today is being neutral.

Technical chart claims that Syndax Pharmaceuticals, Inc. (SNDX) would settle between $7.63/share to $7.77/share level. However, if the stock price goes below the $7.29 mark, then the market for Syndax Pharmaceuticals, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $7.09 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.23. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at H.C. Wainwright lifted target price for shares of SNDX but were stick to Buy recommendation for the stock in their opinion released on March 08. The price target has been raised from $22 to $16. Robert W. Baird, analysts launched coverage of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) stock with a Outperform recommendation, according to their flash note issued to investors on January 04. Analysts at B. Riley FBR, Inc., made their first call for the equity with a Buy recommendation, according to a research note that dated back to January 05.

SNDX equity has an average rating of 1.67, with the figure leaning towards a bullish end. 9 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 8 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 8 analysts rated Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, SNDX stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 221.84 while for the average stock in the same group, the multiple is 6.59.

Syndax Pharmaceuticals, Inc. (SNDX)’s current-quarter revenues are projected to climb by nearly 2.63% to hit $0.39 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -0.26% from $1.52 million to a noteworthy $1.51 million. At the other end of the current quarter income statement, Syndax Pharmaceuticals, Inc. is expected to see its adjusted earnings surge by roughly 40.54% to hit $-0.44 per share. For the fiscal year, SNDX’s earnings are projected to climb by roughly 32.19% to hit $-1.98 per share.