Brean Capital Begins Coverage on Scynexis Inc. (SCYX)
SCYX has been the subject of several other reports. Needham & Company LLC restated a buy rating and set a $16.00 target price on shares of Scynexis in a report on Thursday, June 9th. Canaccord Genuity restated a buy rating on shares of Scynexis in a report on Thursday, June 9th. Zacks Investment Research upgraded Scynexis from a hold rating to a buy rating and set a $3.25 price objective for the company in a report on Friday, August 26th. Guggenheim began coverage on Scynexis in a report on Wednesday, August 17th. They issued a buy rating and a $15.00 price objective for the company. Finally, WBB Securities upgraded Scynexis from a speculative buy rating to a buy rating and set a $8.00 price objective for the company in a report on Tuesday, August 9th. Seven analysts have rated the stock with a buy rating, The stock presently has a consensus rating of Buy and an average price target of $12.18.
Shares of Scynexis (NASDAQ:SCYX) opened at 4.80 on Monday. The company’s market cap is $112.44 million. The company’s 50-day moving average price is $3.30 and its 200 day moving average price is $3.18. Scynexis has a one year low of $1.74 and a one year high of $7.69.
Scynexis (NASDAQ:SCYX) last issued its earnings results on Monday, August 8th. The company reported ($0.56) earnings per share for the quarter, missing the 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%. On average, equities research analysts anticipate that Scynexis will post ($2.13) earnings per share for the current year.
In other news, Director Patrick Machado bought 40,000 shares of the stock in a transaction dated Thursday, September 15th. The stock was bought at an average price of $2.94 per share, for a total transaction of $117,600.00. Following the purchase, the director now directly owns 60,000 shares in the company, valued at approximately $176,400. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.91% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Granite Point Capital Management L.P. purchased a new position in Scynexis during the second quarter worth approximately $380,000. Private Advisor Group LLC boosted 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 during the last quarter. UBS Oconnor LLC purchased a new position in Scynexis during the second quarter worth approximately $542,000. Sabby Management LLC purchased a new position in Scynexis during the second quarter worth approximately $1,243,000. Finally, Deerfield Management Co. boosted its position in Scynexis by 21.8% in the first quarter. Deerfield Management Co. now owns 848,000 shares of the company’s stock worth $3,417,000 after buying an additional 151,719 shares during the last quarter. Institutional investors own 60.30% 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.
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