SG Americas Securities LLC Has $2.72 Million Stock Position in Syndax Pharmaceuticals, Inc. $SNDX
SG Americas Securities LLC significantly increased its stake in Syndax Pharmaceuticals, Inc. by 184.5% in Q4, reaching a $2.72 million position. Despite a substantial 792.6% year-over-year revenue increase, Syndax missed EPS expectations and remains unprofitable. Analyst consensus rates the stock as "Moderate Buy" with a $40.33 price target, even as company insiders recently sold shares.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced inducement awards granted on April 1, 2026, to eight new employees to purchase up to 228,500 shares of common stock. These stock options will vest over four years, with specific percentages vesting at the one-year anniversary and monthly thereafter, contingent on the employees' continued service. Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on innovative cancer therapies, including its FDA-approved drugs Revuforj® and Niktimvo™.
SNDX Technical Analysis & Stock Price Forecast
This article provides a technical analysis and stock price forecast for Syndax Pharmaceuticals Inc (SNDX), indicating a "Strong Buy" consensus based on various technical indicators and moving averages. As of April 2, 2026, SNDX shows 9 buy signals against 2 sell signals, with its share price of $25.15 trading above its 20-day, 60-day, and 200-day simple moving averages. Key support is identified at $22.377 and resistance at $25.567.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced that it granted inducement awards to eight new employees on April 1, 2026. These awards allow the purchase of up to 228,500 shares of common stock under the company's 2023 Inducement Plan. The stock options will vest over four years, contingent on the employee's continuous service.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced that it granted inducement awards to eight new employees to purchase up to 228,500 shares of common stock under its 2023 Inducement Plan. These stock options will vest over four years, with a portion vesting on the one-year anniversary and the remainder vesting monthly thereafter. The grants are in compliance with NASDAQ Listing Rule 5635(c)(4).
Eight new Syndax hires get stock options tied to 228,500 shares
Syndax Pharmaceuticals announced that it granted inducement stock options for up to 228,500 shares of common stock to eight new employees under its 2023 Inducement Plan. The options, granted on April 1, 2026, will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months, conditional on continued employment. This action is consistent with the company's routine approach to attracting and retaining talent.
Is It Time To Reassess Syndax Pharmaceuticals (SNDX) After An 84% One Year Share Price Jump
Syndax Pharmaceuticals (SNDX) has seen an 84.1% share price increase over the past year, leading to a re-evaluation of its stock. A Discounted Cash Flow (DCF) analysis suggests the stock is undervalued by 71.7%, with an intrinsic value of $84.41 compared to its current price of $23.88. However, its Price to Sales (P/S) ratio of 12.22x is higher than its "Fair Ratio" of 1.76x, indicating it is overvalued by this metric, highlighting differing valuation perspectives.
Syndax Pharmaceuticals (NASDAQ:SNDX) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says
The Goldman Sachs Group has raised its price target for Syndax Pharmaceuticals (NASDAQ:SNDX) from $28 to $34, maintaining a "buy" rating and implying a significant upside. Despite a 792.6% year-over-year revenue increase to $68.7 million last quarter, the company remains unprofitable with negative EPS and ROE. Insiders have been net sellers in recent months, offloading shares worth approximately $628,000, while institutional investors have largely increased their positions.
Goldman Sachs Raises Price Target for SNDX to $34, Maintains 'Bu
Goldman Sachs has raised its price target for Syndax Pharmaceuticals (SNDX) to $34 from $28, maintaining a 'Buy' rating due to a positive outlook on its market position. This update comes amidst varied analyst opinions, with an average target price of $40.25 from 12 analysts, implying a 68.87% upside. Syndax Pharmaceuticals is a clinical-stage biopharmaceutical company focusing on combination therapies for cancer, including products like revumenib and axatilimab.
Why (SNDX) Price Action Is Critical for Tactical Trading
This article analyzes Syndax Pharmaceuticals Inc. (SNDX) for tactical trading, noting a mid-channel oscillation pattern and divergent sentiment across different time horizons. It highlights an exceptional risk-reward setup, targeting a 12.6% gain against 0.3% risk. The analysis provides AI-generated institutional trading strategies for various risk profiles, including position trading, momentum breakout, and risk hedging, along with multi-timeframe signal analysis.
Goldman Sachs Maintains Syndax Pharmaceuticals(SNDX.US) With Buy Rating, Maintains Target Price $34
Goldman Sachs has reaffirmed its "Buy" rating for Syndax Pharmaceuticals (SNDX.US) and maintained its price target of $34. This continued endorsement suggests the firm's confidence in Syndax's future performance.
SNDX Stock News Today | Earnings, Events & Price Alerts
This page provides news and event information for SNDX stock, which is Syndax Pharmaceuticals. Recent news indicates several investment firms including DAFNA Capital and Kynam Capital have either reduced or increased their stakes in Syndax Pharmaceuticals and related companies in March 2026. The site also offers stock price details, market data, and links to financial analysis tools.
Syndax Pharmaceuticals, Inc. $SNDX Shares Sold by Assenagon Asset Management S.A.
Assenagon Asset Management S.A. significantly reduced its stake in Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) by 97.7% in Q4, selling over 1.7 million shares. Simultaneously, company insiders, including the CEO and CFO, sold shares worth over $600,000 in the last three months. Despite missing EPS estimates, Syndax reported strong revenue growth, and analysts maintain a "Moderate Buy" rating with an average target price of $39.50.
SNDX Analyst Rating Update: Mizuho Lowers Price Target | SNDX St
Mizuho maintained an "Outperform" rating on Syndax Pharmaceuticals (SNDX) but lowered its price target from $45.00 to $43.00, representing a 4.44% decrease. This update reflects ongoing analyst evaluation of the company's performance. The average target price from 12 analysts is $39.75, implying an upside of 68.97% from the current price, with a consensus "Outperform" recommendation.
Mizuho Securities Maintains Syndax Pharmaceuticals(SNDX.US) With Buy Rating, Cuts Target Price to $43
Mizuho Securities has reiterated its Buy rating on Syndax Pharmaceuticals (SNDX.US) but has lowered its target price to $43. The investment bank continues to show confidence in the company's prospects despite the reduced price target.
Syndax Pharmaceuticals (NASDAQ:SNDX) Price Target Cut to $43.00 by Analysts at Mizuho
Mizuho analysts have lowered their price target for Syndax Pharmaceuticals (NASDAQ:SNDX) to $43.00 from $45.00, while maintaining an "outperform" rating, indicating a potential upside of over 82%. The company recently missed EPS expectations, reporting ($0.78) versus an anticipated ($0.64), despite a significant 792.6% year-over-year revenue increase to $68.73 million. Insider transactions show both the CFO and CEO sold shares in February, with insiders collectively owning about 4.10% of the company's stock.
Hennion & Walsh Asset Management Inc. Grows Stake in Syndax Pharmaceuticals, Inc. $SNDX
Hennion & Walsh Asset Management Inc. significantly increased its stake in Syndax Pharmaceuticals by 236% in Q4, acquiring an additional 129,104 shares. The article also notes similar increases by other institutional investors like AQR Capital Management and Geode Capital Management. Despite strong revenue growth in Q4, Syndax Pharmaceuticals missed EPS estimates and recorded substantial insider selling by its CEO and CFO.
Jefferies Financial Group Reiterates "Buy" Rating for Syndax Pharmaceuticals (NASDAQ:SNDX)
Jefferies Financial Group has reiterated its "Buy" rating for Syndax Pharmaceuticals (NASDAQ:SNDX), though it lowered the price target to $40 from $48, still implying a significant upside. Despite missing EPS estimates in the last quarter, Syndax Pharmaceuticals exceeded revenue expectations with substantial year-over-year growth. Insiders, including the CEO and CFO, recently sold some shares, while various institutional investors adjusted their stakes in the company.
Jefferies cuts Syndax Pharmaceuticals stock price target on valuation
Jefferies has lowered its price target for Syndax Pharmaceuticals (NASDAQ:SNDX) from $48 to $40, while maintaining a Buy rating. The firm sees Syndax as a commercial execution story with several promising assets like Revuforj, Niktimvo, and potential in IPF, despite competitive pressures and a recent EPS miss. Despite the reduced target, Jefferies maintains a positive outlook, noting the stock trades well below the analyst consensus range and InvestingPro analysis suggests it is undervalued.
Vanguard (NYSE) reports 0 shares in Syndax after realignment (SNDX)
The Vanguard Group has filed a Schedule 13G/A, stating they beneficially own 0 shares, representing 0% of Syndax Pharmaceuticals Inc.'s Common Stock. This change is due to an internal realignment effective January 12, 2026, which disaggregates Vanguard's holdings, causing certain subsidiaries to report separately in accordance with SEC Release No. 34-39538.
Syndax Pharmaceuticals (SNDX) 10K Form and Latest SEC Filings 2026
This article provides an overview of Syndax Pharmaceuticals (SNDX) SEC filings, highlighting that the company has submitted over 263 documents since 2017. It details the significance of various filing types like 10-K, 10-Q, 8-K, and Form 4 for investors, and lists recent filings, including a SCHEDULE 13G/A on March 27, 2026, and their 10-K annual report on February 26, 2026. The piece emphasizes SEC filings as the most reliable source of financial data for evaluating a company's financial position.
Syndax Pharmaceuticals (Nasdaq:SNDX) - Stock Analysis
Syndax Pharmaceuticals (Nasdaq:SNDX) is a commercial-stage biopharmaceutical company focused on cancer therapies. The company is trading significantly below its estimated fair value, with earnings forecasted to grow by 67.88% per year. Recent FDA approvals for its lead products, Revuforj and Niktimvo, are expected to expand market opportunities and drive future revenue growth, despite some analyst concerns regarding regulatory and pricing risks and significant insider selling.
Syndax Pharmaceuticals (NASDAQ:SNDX) Hits New 12-Month High - What's Next?
Syndax Pharmaceuticals (NASDAQ:SNDX) recently reached a new 52-week high of $25.59, with several analysts raising price targets, leading to a "Moderate Buy" consensus. Despite a significant revenue jump of 792.6%, the company remains unprofitable with a negative EPS and net margin. Insider selling activity has also been noted, reducing overall insider ownership.
Is It Time To Reassess Syndax Pharmaceuticals (SNDX) After Its 84% One-Year Surge?
Syndax Pharmaceuticals (SNDX) has seen an 84% surge over the last year, prompting a reassessment of its valuation. A Discounted Cash Flow (DCF) analysis suggests the stock is significantly undervalued by 71.7% at $24.20 per share, with an intrinsic value estimated at $85.44. However, a Price-to-Sales (P/S) comparison indicates it is overvalued when measured against Simply Wall St's proprietary "Fair Ratio," reflecting differing valuation perspectives.
Assessing Syndax Pharmaceuticals (SNDX) Valuation After Recent Share Price Momentum
Syndax Pharmaceuticals (SNDX) has seen significant share price momentum, with strong returns over the past year. Despite trading below analyst price targets and being considered undervalued by some metrics, the company's valuation faces scrutiny regarding its heavy reliance on two drugs and potential regulatory setbacks. Investors are encouraged to scrutinize the detailed valuation reports and consider both bullish and cautious perspectives.
Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Given Average Rating of "Moderate Buy" by Brokerages
Syndax Pharmaceuticals (NASDAQ:SNDX) has received an average rating of "Moderate Buy" from twelve brokerages, with an average 12-month price target of $39.10. Despite missing EPS estimates in the last quarter at ($0.78) versus ($0.64) expected, and remaining unprofitable, the company's revenue surged 792.6% year-over-year to $68.73 million. Insider selling by CEO and CFO totaling approximately $628,332 was noted, yet institutional investors significantly increased their positions.
Syndax Pharmaceuticals, Inc. $SNDX Shares Sold by Hudson Bay Capital Management LP
Hudson Bay Capital Management LP significantly reduced its stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by selling 193,300 shares, though it still holds 250,000 shares valued at $3.85 million. Despite insider selling and a Q3 EPS miss, the company reported a substantial 792.6% year-over-year revenue increase. Analysts maintain a "Moderate Buy" consensus with an average price target of $39.10, with several firms recently raising their targets.
Biotech Shares Surge 72% with $8 Million Transaction, Yet This Is Why a Fund Remains Optimistic
Kynam Capital Management sold 469,041 shares of Syndax Pharmaceuticals (NASDAQ:SNDX) for approximately $8.18 million, yet the fund's overall holdings in Syndax increased by $38.07 million. Despite the transaction, Syndax still constitutes over 10% of Kynam's assets, indicating continued confidence in the company, which has seen a 72% increase in share price over the past year due to successful therapy launches. The sale is viewed as a tactical rebalancing rather than a change in investment outlook, typical for firms balancing rapid growth with ongoing R&D expenses.
Understanding Momentum Shifts in (SNDX)
The article identifies a near-term neutral sentiment for Syndax Pharmaceuticals Inc. (SNDX) despite mid and long-term strength, noting a mid-channel oscillation pattern. It presents three AI-generated trading strategies—Position, Momentum Breakout, and Risk Hedging—with specific entry, target, and stop-loss points. The analysis highlights an exceptional 43.0:1 risk-reward short setup, suggesting a potential 12.0% downside.
Syndax Pharmaceuticals stock hits 52-week high at 25.16 USD
Syndax Pharmaceuticals (SNDX) recently reached a 52-week high of $25.16, with shares trading near this peak and boasting a market valuation of $2.19 billion. The stock has seen a 70% return over the past year and a 62% gain in the last six months, driven by strong investor confidence. Despite a Q4 2025 EPS miss, the company surpassed revenue expectations, and analysts, including Stifel, maintain optimistic price targets.
SNDX SEC Filings - Syndax Pharmaceuticals Inc 10-K, 10-Q, 8-K Forms
This article provides access to the SEC filings for Syndax Pharmaceuticals (SNDX), including 10-K, 10-Q, and 8-K forms, offering investors detailed financial and operational data. Recent filings highlight director equity awards, insider stock sales, and beneficial ownership changes, along with preliminary 2025 financial results for Revuforj® and Niktimvo™. The platform helps users navigate these documents and related corporate events.
Kingdon Capital Management L.L.C. Purchases 400,000 Shares of Syndax Pharmaceuticals, Inc. $SNDX
Kingdon Capital Management L.L.C. significantly increased its stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by 19% in Q3, purchasing an additional 400,000 shares, making it their largest portfolio position. Other institutional investors also raised their holdings, indicating broad confidence in the company. Despite missing EPS estimates, Syndax saw a substantial revenue jump, and analysts maintain a "Moderate Buy" rating with a consensus price target of $39.10.
Granahan Investment Management LLC Has $6.10 Million Stock Position in Syndax Pharmaceuticals, Inc. $SNDX
Granahan Investment Management LLC significantly reduced its stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by 60% in Q3, now holding 396,336 shares valued at $6.10 million. Despite this, analysts maintain a "Moderate Buy" rating with a consensus price target of $39.10, and several have recently upgraded their price targets. Company insiders, including the CEO and CFO, also sold shares, and Syndax Pharmaceuticals reported mixed Q3 earnings, missing EPS estimates but showing a substantial 792.6% year-over-year revenue increase.
Syndax Pharmaceuticals, Inc. $SNDX Shares Acquired by Boothbay Fund Management LLC
Boothbay Fund Management LLC significantly increased its stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by 103.3% in the third quarter, now owning 261,933 shares valued at $4.03 million. Other institutional investors like Vanguard Group Inc. and Bank of America Corp DE also adjusted their positions. Company insiders, including CEO Michael A. Metzger and CFO Keith A. Goldan, have recently sold shares, while analysts maintain a "Moderate Buy" rating with an average price target of $39.10.
Apis Capital Advisors LLC Takes Position in Syndax Pharmaceuticals, Inc. $SNDX
Apis Capital Advisors LLC recently acquired a significant stake in Syndax Pharmaceuticals (NASDAQ:SNDX) during the third quarter, purchasing 638,000 shares valued at approximately $9.82 million. This investment positions Syndax as the 17th largest holding for Apis Capital, representing 2.2% of their portfolio. Despite recent insider sales by the CEO and CFO, analysts hold a "Moderate Buy" rating for Syndax, with a consensus price target of $39.10, indicating potential upside for the stock which currently trades around $23.50.
Algert Global LLC Cuts Position in Syndax Pharmaceuticals, Inc. $SNDX
Algert Global LLC reduced its stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by 8.9% during the third fiscal quarter, selling 90,514 shares and now owning 930,766 shares valued at $14.32 million. Despite this reduction, other institutional investors, including Vanguard Group Inc. and Bank of America Corp DE, increased their holdings. The company has a "Moderate Buy" consensus rating from analysts with a target price of $39.10, but faced insider selling from its CEO and CFO.
Assessing Whether Syndax Pharmaceuticals (SNDX) Still Looks Undervalued After Its Recent Strong Run
Syndax Pharmaceuticals (SNDX) has seen strong recent performance, with an 81.47% total shareholder return over the past year, despite a minor one-day decline. The stock is currently trading at US$23.50, significantly below analyst price targets and an intrinsic value estimate of $38.92, suggesting it might be undervalued based on expectations of aggressive growth and profitability shifts. However, its Price-to-Sales (P/S) ratio of 12x is higher than the industry average, posing a valuation risk if growth expectations aren't met.
Is Syndax Pharmaceuticals (SNDX) Pricing Reflect Its 81.5% One Year Share Price Gain
Syndax Pharmaceuticals (SNDX) has seen an 81.5% share price gain over the past year, currently trading at US$23.50. A Discounted Cash Flow (DCF) analysis suggests the stock is significantly undervalued at $85.02 per share, screening as 72.4% undervalued. However, its Price/Sales (P/S) ratio of 12.03x is above the industry average and its estimated "Fair Ratio" of 1.91x, indicating it is overvalued by this metric.
Syndax Pharmaceuticals, Inc. $SNDX Position Reduced by Prosight Management LP
Prosight Management LP reduced its stake in Syndax Pharmaceuticals Inc. (NASDAQ:SNDX) by 7.1% during the third quarter, selling 76,273 shares. Despite this, Syndax Pharmaceuticals remains Prosight Management LP's ninth-largest holding, valued at $15.43 million, and represents 3.6% of its portfolio. Other hedge funds have shown varied activity, with some increasing and others initiating positions, while analysts maintain a "Moderate Buy" consensus rating with a target price of $39.10.
Cancer Drug Maker With $172 Million Revenue and Multiple Approved Therapies Draws $6.5 Million Investment
Sphera Funds Management Ltd. recently invested an estimated $6.54 million in Syndax Pharmaceuticals, acquiring 374,847 shares. This investment increased Syndax to about 3% of Sphera Funds' reported assets under management, highlighting growing confidence in the oncology therapeutics company. Syndax has seen significant commercial success with two approved therapies, Revuforj and Niktimvo, driving total revenue to $172.4 million in 2025 and an 83% stock surge over the past year.
Is Syndax Pharmaceuticals (SNDX) Pricing Reflect Its 81.5% One Year Share Price Gain
This article analyzes whether Syndax Pharmaceuticals' (SNDX) current share price of US$23.50 accurately reflects its value, given an 81.5% increase over the past year. Using a two-stage Discounted Cash Flow (DCF) model, Simply Wall St estimates the intrinsic value at US$85.02 per share, suggesting the stock is undervalued by 72.4%. However, the Price/Sales (P/S) ratio of 12.03x indicates it is overvalued compared to the Biotech industry average and Simply Wall St's "Fair Ratio" of 1.91x.
JPMorgan Reduces PT on Syndax Pharmaceuticals (SNDX) to $33, Maintains “Overweight” Rating
JPMorgan has reduced its price target for Syndax Pharmaceuticals (SNDX) to $33, down from $35, while reiterating an "Overweight" rating. This adjustment comes despite maintaining a positive outlook on the company. The article provides no further details on the reasons behind the price target modification.
Syndax Pharmaceuticals, Inc. $SNDX is Knott David M Jr's 7th Largest Position
Knott David M Jr significantly increased his stake in Syndax Pharmaceuticals (NASDAQ:SNDX) by 21.3% in Q3, making it his 7th-largest holding. Despite missing EPS estimates, Syndax reported strong Q revenue growth of 792.6%. The article also notes recent insider selling by the CEO and CFO, while institutional investors like AQR Capital have increased their positions.
Wall Street Zen Upgrades Syndax Pharmaceuticals (NASDAQ:SNDX) to Hold
Wall Street Zen has upgraded Syndax Pharmaceuticals (NASDAQ:SNDX) from a "sell" to a "hold" rating, despite the company missing quarterly EPS estimates and being unprofitable. Overall analyst sentiment for SNDX remains a "Moderate Buy" with a consensus price target of $37.90. Insiders have recently been net sellers, disposing of shares worth approximately $628,000 over the last three months.
A Look At Syndax Pharmaceuticals (SNDX) Valuation After Strong Revenue Growth And Multiple FDA Approvals
Syndax Pharmaceuticals (SNDX) has seen significant revenue growth to US$172.35 million following multiple FDA approvals for its cancer therapies, Revuforj and Niktimvo. Despite a strong 64.46% return over the past year, recent share price momentum has cooled, and the company continues to report net losses. Analysts suggest the stock is undervalued by 43.3%, with a fair value of $38.92, based on aggressive growth and profitability assumptions, though regulatory setbacks are a risk.
A Look At Syndax Pharmaceuticals (SNDX) Valuation After Strong Revenue Growth And Multiple FDA Approvals
Syndax Pharmaceuticals (SNDX) has seen significant revenue growth in Q4 2025 due to recent FDA approvals for its cancer therapies, Revuforj and Niktimvo. Despite a 64.46% total shareholder return over the past year, recent share price momentum has cooled, prompting an analysis of its valuation. The company is considered 43.3% undervalued by a popular narrative, with a fair value of $38.92 against a last close of $22.07, based on assumptions of aggressive growth and profitability fueled by expanding product sales and operating leverage.
Vanguard Group Inc. Buys 104,683 Shares of Syndax Pharmaceuticals, Inc. $SNDX
Vanguard Group Inc. increased its stake in Syndax Pharmaceuticals Inc. by 2.1%, acquiring 104,683 additional shares to bring its total holding to 5,138,617 shares, valued at approximately $79.06 million and representing about 5.97% of the company. Despite reporting significant revenue growth of 792.6% year-over-year, Syndax missed EPS estimates and shows negative profitability metrics. The stock currently trades around $21.58, with analysts maintaining a "Moderate Buy" rating and a consensus target price of $37.90.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced inducement grants to three new employees on March 1, 2026, comprising options to purchase up to 81,600 shares of common stock under the company's 2023 Inducement Plan. These stock options will vest over four years, contingent on the employees' continued service. Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on innovative cancer therapies, including its FDA-approved drugs Revuforj® and Niktimvo™.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced inducement grants to three new employees under its 2023 Inducement Plan. These grants allow the employees to purchase up to 81,600 shares of common stock, with vesting occurring over four years. Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on innovative cancer therapies, including FDA-approved Revuforj® and Niktimvo™.
Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Syndax Pharmaceuticals announced it has granted inducement awards to three new employees, allowing them to purchase up to 81,600 shares of common stock. These stock options will vest over four years, with 25% vesting after one year and the remainder monthly thereafter, contingent on continued employment. This action was taken under the Company's 2023 Inducement Plan, observing NASDAQ Listing Rule 5635(c)(4).
