SCYNEXIS Inc (SCYX) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of SCYNEXIS Inc (NASDAQ:SCYX) from a hold rating to a buy rating in a report issued on Friday morning. They currently have $3.50 price objective on the stock.

According to Zacks, “SCYNEXIS, Inc. is a pharmaceutical company. It is engaged in the discovery, development, and commercialization of anti-infectives to address unmet therapeutic needs. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. It also provides contract research and development services. SCYNEXIS, Inc. is headquartered in Durham, North Carolina. “

SCYX has been the subject of a number of other reports. Aegis started coverage on SCYNEXIS in a research note on Tuesday, January 31st. They issued a buy rating and a $7.00 price target for the company. Guggenheim reiterated a buy rating and issued a $15.00 price target on shares of SCYNEXIS in a research note on Friday, March 3rd. Needham & Company LLC reiterated a buy rating and issued a $10.00 price target on shares of SCYNEXIS in a research note on Friday, March 3rd. HC Wainwright set a $14.00 price target on SCYNEXIS and gave the company a buy rating in a research note on Tuesday, March 14th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $11.00 price target (down from $15.00) on shares of SCYNEXIS in a research note on Friday, March 3rd. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. SCYNEXIS has a consensus rating of Buy and a consensus price target of $10.56.

Analyst Recommendations for SCYNEXIS (NASDAQ:SCYX)

SCYNEXIS (NASDAQ:SCYX) traded down 4.67% during midday trading on Friday, hitting $2.86. The company’s stock had a trading volume of 548,593 shares. The company’s 50-day moving average is $3.14 and its 200 day moving average is $3.44. SCYNEXIS has a one year low of $1.74 and a one year high of $5.51. The company’s market cap is $70.38 million.

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In other news, CEO Marco Taglietti acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, December 21st. The shares were acquired at an average cost of $3.30 per share, with a total value of $82,500.00. Following the completion of the acquisition, the chief executive officer now owns 251,000 shares of the company’s stock, valued at $828,300. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.91% of the stock is currently owned by corporate insiders.

An institutional investor recently bought a new position in SCYNEXIS stock. Perceptive Advisors LLC bought a new stake in SCYNEXIS Inc (NASDAQ:SCYX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 171,185 shares of the company’s stock, valued at approximately $546,000. Perceptive Advisors LLC owned 0.71% of SCYNEXIS as of its most recent SEC filing. Institutional investors and hedge funds own 47.81% of the company’s stock.

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.

5 Day Chart for NASDAQ:SCYX

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