SCYNEXIS (NASDAQ:SCYX) Stock Crosses Below Two Hundred Day Moving Average – Should You Sell?

SCYNEXIS, Inc. (NASDAQ:SCYX) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $5.27 and traded as low as $3.75. SCYNEXIS shares last traded at $3.81, with a volume of 39,027 shares traded.

Analysts Set New Price Targets

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

SCYNEXIS Stock Performance

The firm’s 50-day simple moving average is $4.72 and its 200 day simple moving average is $5.27. The company has a market cap of $37.91 million, a P/E ratio of -1.82 and a beta of 1.06.

SCYNEXIS (NASDAQ:SCYX) last released its earnings results on Monday, August 10th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of ($0.51) by $1.14. The company had revenue of $0.23 million during the quarter, compared to analyst estimates of $0.08 million. As a group, research analysts forecast that SCYNEXIS, Inc. will post -1.60 earnings per share for the current year.

Institutional Trading of SCYNEXIS

A number of large investors have recently bought and sold shares of SCYX. Wealth Effects LLC acquired a new position in SCYNEXIS in the 2nd quarter worth $56,000. Empowered Funds LLC bought a new position in shares of SCYNEXIS during the 2nd quarter worth approximately $63,000. Velan Capital Investment Management LP bought a new stake in shares of SCYNEXIS in the second quarter worth $163,000. BlackRock Inc. acquired a new position in SCYNEXIS during the second quarter worth $169,000. Finally, Renaissance Technologies LLC increased 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 acquiring an additional 48,640 shares during the last quarter. 54.37% of the stock is owned by institutional investors.

About SCYNEXIS

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing medicines for fungal infections. The company’s lead product is BREXAFEMME (ibrexafungerp), an oral, non-azole antifungal approved by the U.S. Food and Drug Administration for the treatment of vulvovaginal candidiasis and for reducing the incidence of recurrent vulvovaginal candidiasis in adult and postmenarchal adolescent females.

Ibrexafungerp is a triterpenoid antifungal that works by inhibiting glucan synthase, an enzyme required for the formation of fungal cell walls.