Zacks Investment Research upgraded shares of SCYNEXIS, Inc. (NASDAQ:SCYX) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $2.00 price target on the stock.

According to Zacks, “SCYNEXIS, Inc. is a pharmaceutical company. It is engaged in the discovery, development, and commercialization of anti-infectives to address unmet therapeutic needs. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. It also provides contract research and development services. SCYNEXIS, Inc. is headquartered in Durham, North Carolina. “

A number of other brokerages have also weighed in on SCYX. Aegis restated a buy rating on shares of SCYNEXIS in a report on Tuesday, May 30th. Needham & Company LLC lowered shares of SCYNEXIS from a buy rating to a hold rating in a report on Tuesday, May 9th. Roth Capital set a $9.00 price objective on shares of SCYNEXIS and gave the stock a buy rating in a report on Monday, August 7th. HC Wainwright set a $14.00 price objective on shares of SCYNEXIS and gave the stock a buy rating in a report on Wednesday, August 16th. Finally, ValuEngine lowered shares of SCYNEXIS from a sell rating to a strong sell rating in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $10.22.

Shares of SCYNEXIS (NASDAQ SCYX) opened at 1.92 on Tuesday. The stock’s market capitalization is $51.31 million. The company’s 50 day moving average price is $1.75 and its 200-day moving average price is $2.21. SCYNEXIS has a 12 month low of $1.52 and a 12 month high of $5.51.

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In related news, Director David C. Hastings bought 20,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was acquired at an average cost of $1.75 per share, for a total transaction of $35,000.00. Following the purchase, the director now owns 20,000 shares in the company, valued at $35,000. The acquisition was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders have acquired 45,000 shares of company stock valued at $75,850. Company insiders own 3.91% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Iguana Healthcare Management LLC raised its stake in shares of SCYNEXIS by 20.0% in the first quarter. Iguana Healthcare Management LLC now owns 300,000 shares of the company’s stock worth $828,000 after buying an additional 50,000 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SCYNEXIS by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 37,523 shares of the company’s stock worth $103,000 after buying an additional 512 shares in the last quarter. KCG Holdings Inc. bought a new stake in shares of SCYNEXIS during the first quarter worth $416,000. Private Advisor Group LLC bought a new stake in shares of SCYNEXIS during the first quarter worth $555,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of SCYNEXIS during the first quarter worth $154,000. Institutional investors and hedge funds own 36.75% of the company’s stock.

About SCYNEXIS

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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