Scynexis Inc. (SCYX) Upgraded to “Strong-Buy” at WBB Securities
Scynexis Inc. (NASDAQ:SCYX) was upgraded by equities research analysts at WBB Securities from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $8.00 price objective on the stock. WBB Securities’ price objective would suggest a potential upside of 65.98% from the company’s previous close.
A number of other research analysts also recently issued reports on the stock. Guggenheim initiated coverage on shares of Scynexis in a research report on Wednesday, August 17th. They issued a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC dropped their price target on shares of Scynexis from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, August 9th. Brean Capital restated a “buy” rating on shares of Scynexis in a research report on Monday, August 8th. Canaccord Genuity restated a “buy” rating on shares of Scynexis in a research report on Thursday, June 9th. Finally, Zacks Investment Research upgraded shares of Scynexis from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a research report on Friday, August 26th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $12.18.
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 has a 50-day moving average of $3.36 and a 200-day moving average of $3.19. The company’s market cap is $112.90 million.
Scynexis (NASDAQ:SCYX) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.56) earnings per share (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 expect that Scynexis will post ($2.13) earnings per share for the current fiscal year.
In other Scynexis news, Director Patrick Machado purchased 40,000 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was acquired at an average price of $2.94 per share, for a total transaction of $117,600.00. Following the purchase, the director now owns 60,000 shares of the company’s stock, valued at approximately $176,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.91% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Deerfield Management Co. raised its stake 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 during the period. Granite Point Capital Management L.P. acquired a new stake in shares of Scynexis during the second quarter worth approximately $380,000. 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 period. UBS Oconnor LLC acquired a new stake in shares of Scynexis during the second quarter worth approximately $542,000. Finally, Sabby Management LLC acquired a new stake in shares of Scynexis during the second quarter worth approximately $1,243,000. Institutional investors and hedge funds own 60.30% of the company’s stock.
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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