Brokerages Set Scynexis Inc. (NASDAQ:SCYX) Target Price at $10.65
Shares of Scynexis Inc. (NASDAQ:SCYX) have earned an average rating of “Buy” from the seven brokerages that are covering the stock. Seven investment analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $10.65.
A number of research firms have recently commented on SCYX. Zacks Investment Research raised Scynexis from a “hold” rating to a “buy” rating and set a $3.25 price objective on the stock in a research note on Wednesday, June 15th. Needham & Company LLC reissued a “buy” rating and issued a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Brean Capital reissued a “buy” rating and issued a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Canaccord Genuity reissued a “buy” rating on shares of Scynexis in a research note on Thursday, June 9th. Finally, WBB Securities raised Scynexis from a “speculative buy” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Tuesday, August 9th.
In related news, Director Patrick Machado bought 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were acquired at an average cost of $2.94 per share, for a total transaction of $117,600.00. Following the acquisition, the director now directly owns 60,000 shares of the company’s stock, valued at approximately $176,400. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.91% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Granite Point Capital Management L.P. acquired a new position in shares of Scynexis during the second quarter worth $380,000. Private Advisor Group LLC increased its position 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 in the last quarter. UBS Oconnor LLC acquired a new position in shares of Scynexis during the second quarter worth $542,000. Sabby Management LLC acquired a new position in shares of Scynexis during the second quarter worth $1,243,000. Finally, Deerfield Management Co. increased 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 worth $3,417,000 after buying an additional 151,719 shares in the last quarter. Institutional investors and hedge funds own 60.30% of the company’s stock.
Scynexis (NASDAQ:SCYX) opened at 3.87 on Tuesday. Scynexis has a 52-week low of $1.74 and a 52-week high of $7.69. The company’s 50-day moving average price is $3.08 and its 200 day moving average price is $3.18. The stock’s market capitalization is $90.65 million.
Scynexis (NASDAQ:SCYX) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.56) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $0.04. Scynexis had a negative return on equity of 73.13% and a negative net margin of 12,239.31%. On average, equities research analysts anticipate that Scynexis will post ($2.13) earnings per share for the current year.
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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