Scynexis Inc. (SCYX) Shares Up 11.6%
Shares of Scynexis Inc. (NASDAQ:SCYX) shot up 11.6% during mid-day trading on Wednesday . The company traded as high as $3.30 and last traded at $3.17, with a volume of 1,830,877 shares. The stock had previously closed at $2.84.
A number of equities analysts have weighed in on SCYX shares. Zacks Investment Research upgraded Scynexis from a “hold” rating to a “buy” rating and set a $3.25 price target for the company in a report on Friday. Guggenheim began coverage on Scynexis in a report on Wednesday, August 17th. They issued a “buy” rating and a $15.00 price target for the company. WBB Securities upgraded Scynexis from a “speculative buy” rating to a “buy” rating and set a $8.00 target price for the company in a research note on Tuesday, August 9th. Needham & Company LLC reduced their target price on Scynexis from $16.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, August 9th. Finally, Brean Capital reiterated a “buy” rating on shares of Scynexis in a research note on Monday, August 8th. Seven analysts have rated the stock with a buy rating, Scynexis currently has a consensus rating of “Buy” and a consensus target price of $12.18.
The stock’s 50 day moving average is $2.23 and its 200-day moving average is $3.42. The stock’s market cap is $65.82 million.
Scynexis (NASDAQ:SCYX) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $0.04. On average, equities research analysts predict that Scynexis Inc. will post ($2.13) earnings per share for the current year.
In other news, Director Guy Macdonald purchased 40,000 shares of the business’s stock in a transaction dated Friday, June 24th. The stock was bought at an average cost of $2.39 per share, with a total value of $95,600.00. Following the purchase, the director now directly owns 40,000 shares of the company’s stock, valued at $95,600. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Marco Taglietti purchased 100,000 shares of the business’s stock in a transaction dated Friday, June 24th. The shares were purchased 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 in the company, valued at $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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