Scynexis Inc. (SCYX) Upgraded to “Strong-Buy” at WBB Securities
Scynexis Inc. (NASDAQ:SCYX) was upgraded by research analysts at WBB Securities from a “buy” rating to a “strong-buy” rating in a report released on Friday. The firm presently has a $8.00 price objective on the stock. WBB Securities’ price objective suggests a potential upside of 65.98% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. Brean Capital restated a “buy” rating and issued 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. Needham & Company LLC restated a “buy” rating and issued a $16.00 target price on shares of Scynexis in a report on Thursday, June 9th. Zacks Investment Research upgraded shares of Scynexis from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a report on Wednesday, June 15th. Finally, Guggenheim began coverage on shares of Scynexis in a report on Wednesday, August 17th. They issued a “buy” rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $12.18.
Shares of Scynexis (NASDAQ:SCYX) opened at 4.82 on Friday. Scynexis has a 52 week low of $1.74 and a 52 week high of $7.69. The company’s market cap is $112.90 million. The firm’s 50-day moving average is $3.36 and its 200-day moving average is $3.19.
Scynexis (NASDAQ:SCYX) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.56) 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%. Equities research analysts predict that Scynexis will post ($2.13) earnings per share for the current year.
In other Scynexis news, Director Patrick Machado purchased 40,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was bought at an average price of $2.94 per share, with a total value of $117,600.00. Following the completion of the purchase, the director now directly owns 60,000 shares of the company’s stock, valued at approximately $176,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.91% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC raised its stake 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 worth $434,000 after buying an additional 100,000 shares during the last quarter. Deerfield Management Co. raised 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 in the last quarter. Granite Point Capital Management L.P. purchased a new position in shares of Scynexis during the second quarter valued at approximately $380,000. UBS Oconnor LLC purchased a new position in shares of Scynexis during the second quarter valued at approximately $542,000. Finally, Sabby Management LLC purchased a new position in shares of Scynexis during the second quarter valued at approximately $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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