SCYNEXIS (NASDAQ:SCYX) Stock Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Shares of SCYNEXIS, Inc. (NASDAQ:SCYX) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.75 and traded as low as $0.6545. SCYNEXIS shares last traded at $0.7559, with a volume of 1,328,305 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SCYX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SCYNEXIS in a report on Monday, December 29th. Guggenheim dropped their price target on SCYNEXIS from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Tuesday, October 28th. Finally, Wall Street Zen raised SCYNEXIS to a “hold” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.00.

SCYNEXIS Trading Up 8.8%

The stock has a fifty day moving average of $0.65 and a 200 day moving average of $0.75.

SCYNEXIS (NASDAQ:SCYX) last released its earnings results on Wednesday, November 5th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. SCYNEXIS had a negative net margin of 862.89% and a negative return on equity of 60.54%. The firm had revenue of $0.33 million during the quarter, compared to the consensus estimate of $0.15 million.

Institutional Investors Weigh In On SCYNEXIS

Institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC bought a new position in shares of SCYNEXIS in the second quarter worth approximately $27,000. Sequoia Financial Advisors LLC purchased a new stake in SCYNEXIS during the third quarter valued at about $41,000. GSA Capital Partners LLP grew its position in SCYNEXIS by 95.2% during the 3rd quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after acquiring an additional 50,916 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of SCYNEXIS by 4.2% in the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after purchasing an additional 14,689 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of SCYNEXIS by 6.4% in the third quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock valued at $1,357,000 after acquiring an additional 105,600 shares during the period. Hedge funds and other institutional investors own 54.37% of the company’s stock.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a late‐stage biopharmaceutical company focused on developing and commercializing novel anti‐infective therapies. Headquartered in Jersey City, New Jersey, the company’s primary research and development efforts center on combating invasive and chronic fungal infections, an area of high unmet medical need. SCYNEXIS’s scientific platform is built around its proprietary triterpenoid class of antifungals, which are designed to address resistance and safety limitations associated with existing treatments.

The company’s lead product candidate, ibrexafungerp, represents the first oral glucan synthase inhibitor to reach clinical development.