Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) shares rose in value Thursday December 29 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks were little changed in early trade Thursday. The S&P 500 SPX, +0.04% rose 0.1% to 2,252, while the Dow DJIA, +0.04% advanced 16 points to 19,850. The Nasdaq Composite COMP, -0.04% was virtually flat at 5,439.
Analysts at Zacks Investment Research upgraded shares of Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) from Sell to Hold today. The company currently has a rating of Hold on the stock. The one-year price target of $25.80 is higher than the opening price of $7.12, resulting a fair amount of other analysts to report on the stock in recent days. Looking back over the last year, Syndax Pharmaceuticals Inc. stock has a high of $18.03. Typically, after analysts publish an upgrade report on a stock, they will subsequently issue recurring revisions, usually followed by a price target change.
Shares of Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) opened at $7.12 on Tuesday trading between $7.05 and $7.17, and last traded at $7.17, which is a spike of $0.01 or 0.14% over the previous closing price.
Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) now has a market cap of 130.44M.
Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) Average Daily Trading Volume
The stock’s average daily volume is 67,925 shares out of a total float 12,101,000 and some 4,057 shares traded hands yesterday, below the norm. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to pinpoint substantial volume aggregation or circulation by institutional investors.
While higher trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re researching.
Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, Syndax Pharmaceuticals Inc. (NASDAQ: SNDX) now has a 50-day MA of $9.11 and 200-day MA of $12.07. It has traded in a 52-week range between $7.05 – 18.03 and today’s last price is 60.23%% lower than the 52 week high of $18.03.
Earnings growth is a crucial factor to consider when investing in stocks and investors identify companies that have raised their earnings by at least 25% for the past 3 years.
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