Shares of Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) are trading lower Friday following approval of one of its treatments from the U.S.’s Food and Drug Administration.
SNDX shares are retreating from recent levels. Track the action here.
What To Know: While the FDA approved the treatment Revuforj for relapsed or refractory acute myeloid leukemia with an NPM1 mutation, the agency also said the treatment has a high rate of severe and fatal side effects. The approval included a warning for potentially fatal differentiation syndrome.
The rate of complete remission and complete remission with partial hematological recovery was 23%.
SNDX Analysis: Syndax is trading approximately 11.2% below its 50-day moving average of $15.62, which suggests a bearish short-term trend. The stock is also trading approximately 7.3% above its 200-day moving average of $12.93, indicating some long-term support. The Relative Strength Index (RSI) stands at 44.02, signaling a neutral position, which may suggest that the stock is neither overbought nor oversold at this time.
As a mid-sized player in the biotechnology sector with a market cap of $1.26 billion, Syndax’s performance is closely watched by investors. The current price action, combined with the technical indicators, suggests that the stock may face challenges in regaining upward momentum unless it can break above the 50-day moving average and establish a new trend.
SNDX Price Action: Syndax shares closed down 7.83% at $13.53 at the time of publication on Friday. The stock is trading within its 52-week range of $8.58 to $22.50. Currently, Syndax’s year-to-date performance reflects a slight decline of 1.4%, indicating a challenging environment for the stock despite its potential.
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