SCYNEXIS (NASDAQ:SCYX) Issues Earnings Results, Beats Expectations By $1.14 EPS

SCYNEXIS (NASDAQ:SCYX) issued its quarterly earnings data on Monday. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $1.14, FiscalAI reports. SCYNEXIS had a negative return on equity of 57.16% and a negative net margin of 41.79%.The business had revenue of $0.23 million for the quarter, compared to analysts’ expectations of $0.08 million.

SCYNEXIS Price Performance

SCYX stock traded down $0.08 during midday trading on Monday, reaching $5.16. The company had a trading volume of 51,102 shares, compared to its average volume of 92,897. The firm has a 50-day moving average price of $4.35 and a 200-day moving average price of $5.88. The company has a market capitalization of $51.24 million, a P/E ratio of -1.34 and a beta of 1.09. SCYNEXIS has a 1 year low of $3.53 and a 1 year high of $10.48.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in SCYNEXIS in the second quarter valued at $27,000. Bridgeway Capital Management LLC lifted its stake in SCYNEXIS by 4.2% during the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after purchasing an additional 14,689 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of SCYNEXIS by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 449,223 shares of the company’s stock worth $284,000 after purchasing an additional 29,775 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of SCYNEXIS in the 4th quarter worth about $1,255,000. Finally, Vanguard Group Inc. increased its position in shares of SCYNEXIS by 6.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock valued at $1,357,000 after purchasing an additional 105,600 shares during the last quarter. 54.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SCYX has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of SCYNEXIS from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings raised shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 24th. Finally, Brookline Capital Markets reiterated a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.00.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a late‐stage biopharmaceutical company focused on developing and commercializing novel anti‐infective therapies. Headquartered in Jersey City, New Jersey, the company’s primary research and development efforts center on combating invasive and chronic fungal infections, an area of high unmet medical need. SCYNEXIS’s scientific platform is built around its proprietary triterpenoid class of antifungals, which are designed to address resistance and safety limitations associated with existing treatments.

The company’s lead product candidate, ibrexafungerp, represents the first oral glucan synthase inhibitor to reach clinical development.