Scynexis Inc. (NASDAQ:SCYX) was upgraded by investment analysts at WBB Securities from a “buy” rating to a “strong-buy” rating in a research report issued on Friday. The firm presently has a $8.00 price objective on the stock. WBB Securities’ price objective would indicate a potential upside of 62.93% from the stock’s previous close.
A number of other analysts have also issued reports on the stock. Guggenheim initiated coverage on shares of Scynexis in a research note on Wednesday, August 17th. They set a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC decreased their price target on shares of Scynexis from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, August 9th. Brean Capital reissued a “buy” rating on shares of Scynexis in a research report on Monday, August 8th. Canaccord Genuity reissued a “buy” rating on shares of Scynexis in a research report on Thursday, June 9th. Finally, Zacks Investment Research raised shares of Scynexis from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research report on Friday, August 26th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $12.18.
Scynexis (NASDAQ:SCYX) opened at 4.91 on Friday. The firm’s 50-day moving average is $3.48 and its 200-day moving average is $3.19. Scynexis has a 12 month low of $1.74 and a 12 month high of $7.69. The stock’s market cap is $115.01 million.
Scynexis (NASDAQ:SCYX) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. On average, equities analysts forecast that Scynexis will post ($2.13) earnings per share for the current fiscal year.
In other Scynexis news, Director Patrick Machado acquired 40,000 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was purchased at an average price of $2.94 per share, with a total value of $117,600.00. Following the completion of the acquisition, the director now directly owns 60,000 shares in the company, valued at approximately $176,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.91% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in SCYX. Deerfield Management Co. increased its position in shares of Scynexis by 21.8% in the first quarter. Deerfield Management Co. now owns 848,000 shares of the company’s stock valued at $3,417,000 after buying an additional 151,719 shares during the period. Granite Point Capital Management L.P. purchased a new position in shares of Scynexis during the second quarter valued at about $380,000. Private Advisor Group LLC increased its position in shares of Scynexis by 100.0% in the second quarter. Private Advisor Group LLC now owns 200,000 shares of the company’s stock valued at $434,000 after buying an additional 100,000 shares during the period. UBS Oconnor LLC purchased a new position in shares of Scynexis during the second quarter valued at about $542,000. Finally, Sabby Management LLC purchased a new position in shares of Scynexis during the second quarter valued at about $1,243,000. 60.30% of the stock is owned by institutional investors.
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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