Scynexis Inc. (SCYX) Trading Up 11.6%
Scynexis Inc. (NASDAQ:SCYX) shares were up 11.6% during mid-day trading on Wednesday . The stock traded as high as $3.30 and last traded at $3.17, with a volume of 1,830,877 shares traded. The stock had previously closed at $2.84.
Several research analysts recently issued reports on SCYX shares. Zacks Investment Research upgraded shares of Scynexis from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a research note on Wednesday, June 15th. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Canaccord Genuity restated a “buy” rating on shares of Scynexis in a research note on Thursday, June 9th. Brean Capital restated a “buy” rating and set a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Finally, Guggenheim assumed coverage on shares of Scynexis in a research note on Wednesday, August 17th. They set a “buy” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $12.18.
The stock’s market capitalization is $69.10 million. The firm’s 50 day moving average price is $2.20 and its 200-day moving average price is $3.43.
Scynexis (NASDAQ:SCYX) last issued its earnings results on Monday, August 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $0.04. Equities research analysts predict that Scynexis Inc. will post ($2.13) earnings per share for the current year.
In related news, Director Guy Macdonald bought 40,000 shares of the stock in a transaction dated Friday, June 24th. The stock was purchased at an average cost of $2.39 per share, with a total value of $95,600.00. Following the completion of the purchase, the director now owns 40,000 shares of the company’s stock, valued at $95,600. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marco Taglietti bought 100,000 shares of the stock in a transaction dated Friday, June 24th. The shares were bought at an average cost of $2.39 per share, with a total value of $239,000.00. Following the completion of the purchase, the chief executive officer now directly owns 225,000 shares of the company’s stock, valued at approximately $537,750. The disclosure for this purchase can be found here.
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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