SCYNEXIS (NASDAQ:SCYX) Share Price Crosses Above Fifty Day Moving Average – Here’s What Happened

SCYNEXIS, Inc. (NASDAQ:SCYX)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $4.78 and traded as high as $4.94. SCYNEXIS shares last traded at $4.86, with a volume of 167,595 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of SCYNEXIS from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 16th. Weiss Ratings raised shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 24th. Brookline Capital Markets restated a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Finally, Guggenheim reaffirmed a “buy” rating and issued a $33.00 target price (up from $24.00) on shares of SCYNEXIS in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.00.

SCYNEXIS Price Performance

The business’s 50 day moving average price is $4.78 and its 200-day moving average price is $5.64. The firm has a market capitalization of $44.28 million, a price-to-earnings ratio of -2.13 and a beta of 1.11.

SCYNEXIS (NASDAQ:SCYX) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $1.14. SCYNEXIS had a negative net margin of 41.79% and a negative return on equity of 44.15%. The firm had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.08 million. As a group, analysts expect that SCYNEXIS, Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Trading of SCYNEXIS

A number of institutional investors have recently modified their holdings of SCYX. Wealth Effects LLC purchased a new position in SCYNEXIS during the 2nd quarter valued at about $56,000. Empowered Funds LLC purchased a new stake in shares of SCYNEXIS in the second quarter valued at about $63,000. Velan Capital Investment Management LP acquired a new stake in shares of SCYNEXIS in the second quarter valued at approximately $163,000. BlackRock Inc. acquired a new stake in shares of SCYNEXIS in the second quarter valued at approximately $169,000. Finally, Renaissance Technologies LLC grew its position in shares of SCYNEXIS by 27.6% in the first 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 during the last quarter. 54.37% of the stock is currently owned by hedge funds and other institutional investors.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing novel antifungal therapies for patients with fungal infections. Its lead product is BREXAFEMME (ibrexafungerp), an oral, non-azole antifungal designed to address certain vaginal and other fungal infections.

BREXAFEMME was approved by the U.S. Food and Drug Administration in 2021 for the treatment of vulvovaginal candidiasis, commonly known as a yeast infection. The product later received an additional U.S.