Shares of Syndax Pharmaceuticals (SNDX) plummeted 5.60% in Tuesday's trading session, following the company's release of its first-quarter earnings report. The biotech firm reported a wider net loss compared to the previous year, overshadowing its better-than-expected revenue performance.
Syndax announced a Q1 net loss of $0.98 per diluted share on Monday after market close, compared to a loss of $0.85 in the same period last year. Despite the increased loss, the company outperformed analyst expectations, as FactSet-polled analysts had projected a loss of $1.25 per share. Revenue for the quarter ended March 31 came in at $20 million, surpassing the $16.5 million forecast by analysts.
The market's negative reaction to the earnings report was evident in pre-market trading, with shares down more than 7% before the opening bell. This downward pressure continued into the regular trading session, resulting in the 5.60% decline. Interestingly, amid the stock's fall, some analysts maintained a positive outlook on Syndax. Scotiabank raised its target price for the company from $16 to $17, while BofA Global Research increased its price objective from $25 to $26, suggesting potential long-term confidence in the company despite the short-term setback.
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