SCYNEXIS (NASDAQ:SCYX) Stock Price Passes Below Fifty Day Moving Average – Here’s Why

SCYNEXIS, Inc. (NASDAQ:SCYX)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $5.21 and traded as low as $4.43. SCYNEXIS shares last traded at $4.68, with a volume of 89,302 shares.

Analysts Set New Price Targets

Several research analysts have issued reports on SCYX shares. Wall Street Zen cut SCYNEXIS from a “buy” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings upgraded SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, SCYNEXIS has a consensus rating of “Hold” and a consensus target price of $24.00.

SCYNEXIS Price Performance

The firm’s fifty day simple moving average is $5.08 and its 200 day simple moving average is $5.97. The company has a market capitalization of $43.49 million, a price-to-earnings ratio of -1.14 and a beta of 1.11.

SCYNEXIS (NASDAQ:SCYX) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.32). SCYNEXIS had a negative net margin of 41.79% and a negative return on equity of 57.16%. Equities research analysts forecast that SCYNEXIS, Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Trading of SCYNEXIS

Hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in shares of SCYNEXIS during the second quarter valued at $27,000. Bridgeway Capital Management LLC raised its position in SCYNEXIS by 4.2% during the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock valued at $248,000 after buying an additional 14,689 shares during the period. Vanguard Group Inc. lifted its stake in SCYNEXIS by 6.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock worth $1,357,000 after acquiring an additional 105,600 shares in the last quarter. Geode Capital Management LLC lifted its stake in SCYNEXIS by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 449,223 shares of the company’s stock worth $284,000 after acquiring an additional 29,775 shares in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in SCYNEXIS during the 4th quarter worth about $1,255,000. Institutional investors and hedge funds own 54.37% of the company’s stock.

About SCYNEXIS

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.