SCYNEXIS (NASDAQ:SCYX) Raised to Hold at Wall Street Zen

SCYNEXIS (NASDAQ:SCYX) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research report issued on Sunday.

Other research analysts have also recently issued reports about the stock. Weiss Ratings raised shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 24th. Guggenheim restated a “buy” rating and issued a $33.00 price objective (up from $24.00) on shares of SCYNEXIS in a report on Thursday. Finally, Brookline Capital Markets reaffirmed a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SCYNEXIS has a consensus rating of “Hold” and an average target price of $33.00.

SCYNEXIS Trading Down 1.7%

Shares of SCYNEXIS stock opened at $5.09 on Friday. SCYNEXIS has a 12 month low of $3.53 and a 12 month high of $10.48. The firm has a market capitalization of $50.65 million, a P/E ratio of -2.44 and a beta of 1.09. The business has a fifty day simple moving average of $4.37 and a two-hundred day simple moving average of $5.86.

SCYNEXIS (NASDAQ:SCYX) last released its earnings results on Monday, August 10th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $1.14. The firm had revenue of $0.23 million for the quarter, compared to the consensus estimate of $0.08 million. SCYNEXIS had a negative net margin of 41.79% and a negative return on equity of 44.15%. Analysts predict that SCYNEXIS will post -1.6 earnings per share for the current year.

Hedge Funds Weigh In On SCYNEXIS

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. purchased a new position in shares of SCYNEXIS in the 4th quarter worth about $1,255,000. Empery Asset Management LP bought a new position in SCYNEXIS in the 2nd quarter worth about $514,656,000. Vanguard Group Inc. grew its position in 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. ADAR1 Capital Management LLC purchased a new stake in SCYNEXIS during the 2nd quarter valued at about $201,000. Finally, Renaissance Technologies LLC increased its stake in SCYNEXIS by 27.6% during the 1st quarter. Renaissance Technologies LLC now owns 224,640 shares of the company’s stock valued at $206,000 after purchasing an additional 48,640 shares in the last quarter. 54.37% of the stock is currently owned by institutional investors.

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.