Shares of Scynexis Inc. (NASDAQ:SCYX) have been given an average recommendation of “Buy” by the seven analysts that are presently covering the company. Seven research analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have covered the stock in the last year is $10.65.
Several research firms have commented on SCYX. WBB Securities upgraded shares of Scynexis from a “speculative buy” rating to a “buy” rating and set a $8.00 price objective for the company in a research note on Tuesday, August 9th. Brean Capital reiterated a “buy” rating and issued a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Canaccord Genuity reiterated a “buy” rating on shares of Scynexis in a research note on Thursday, June 9th. Needham & Company LLC decreased their price objective on shares of Scynexis from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 9th. Finally, Zacks Investment Research lowered shares of Scynexis from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th.
In other Scynexis news, Director Patrick Machado acquired 40,000 shares of Scynexis stock in a transaction that occurred on Thursday, September 15th. The stock was acquired at an average cost of $2.94 per share, for a total transaction of $117,600.00. Following the purchase, the director now owns 60,000 shares of the company’s stock, valued at $176,400. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gonzalez David Angulo acquired 36,950 shares of Scynexis stock in a transaction that occurred on Thursday, June 30th. The stock was acquired at an average price of $2.22 per share, with a total value of $82,029.00. Following the completion of the purchase, the insider now directly owns 8,850 shares in the company, valued at approximately $19,647. The disclosure for this purchase can be found here. Insiders own 3.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCYX. Deerfield Management Co. raised its position in Scynexis by 109.1% in the second quarter. Deerfield Management Co. now owns 1,773,177 shares of the company’s stock worth $3,848,000 after buying an additional 925,177 shares in the last quarter. Sabby Management LLC acquired a new position in Scynexis during the second quarter worth $1,243,000. UBS Oconnor LLC acquired a new position in Scynexis during the second quarter worth $542,000. Private Advisor Group LLC raised its position in Scynexis by 100.0% in the second quarter. Private Advisor Group LLC now owns 200,000 shares of the company’s stock worth $434,000 after buying an additional 100,000 shares in the last quarter. Finally, Granite Point Capital Management L.P. acquired a new position in Scynexis during the second quarter worth $380,000. Institutional investors and hedge funds own 60.30% of the company’s stock.
Scynexis (NASDAQ:SCYX) traded down 1.6725% on Tuesday, reaching $3.9331. The company’s stock had a trading volume of 772,117 shares. The stock’s 50 day moving average price is $2.88 and its 200 day moving average price is $3.17. Scynexis has a 12 month low of $1.74 and a 12 month high of $7.69. The company’s market cap is $92.13 million.
Scynexis (NASDAQ:SCYX) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by $0.04. Scynexis had a negative net margin of 12,239.31% and a negative return on equity of 73.13%. Equities research analysts forecast that Scynexis will post ($2.13) earnings per share for the current year.
Scynexis Company Profile
SCYNEXIS, Inc is engaged in the discovery, development and commercialization of anti-infectives. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of several fungal infections, including serious invasive fungal infections. SCY-078 is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo in animal studies against a range of Candida and Aspergillus species, including drug-resistant strains.
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