Short Interest in SCYNEXIS, Inc. (NASDAQ:SCYX) Decreases By 87.6%

SCYNEXIS, Inc. (NASDAQ:SCYX) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 320,181 shares, a drop of 87.6% from the May 31st total of 2,578,236 shares. Based on an average daily trading volume, of 64,478 shares, the days-to-cover ratio is currently 5.0 days. Currently, 3.4% of the shares of the company are sold short.

Analysts Set New Price Targets

SCYX has been the subject of a number of recent research reports. reaffirmed a “buy” rating on shares of SCYNEXIS in a research report on Monday, March 9th. Weiss Ratings cut shares of SCYNEXIS from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, June 12th. Finally, Wall Street Zen downgraded SCYNEXIS from a “buy” rating to a “sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $24.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SCYX. Jane Street Group LLC acquired a new stake in shares of SCYNEXIS in the second quarter valued at approximately $27,000. Bridgeway Capital Management LLC boosted its position in shares of SCYNEXIS by 4.2% during the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after buying an additional 14,689 shares during the period. Vanguard Group Inc. boosted its position in shares of SCYNEXIS by 6.4% during the third quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock worth $1,357,000 after buying an additional 105,600 shares during the period. GSA Capital Partners LLP boosted its position in shares of SCYNEXIS by 95.2% during the third quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after buying an additional 50,916 shares during the period. Finally, Geode Capital Management LLC grew its holdings 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 buying an additional 29,775 shares in the last quarter. Institutional investors own 54.37% of the company’s stock.

SCYNEXIS Stock Performance

Shares of SCYX opened at $3.81 on Friday. SCYNEXIS has a 1 year low of $3.68 and a 1 year high of $10.48. The company has a market cap of $37.83 million, a price-to-earnings ratio of -0.99 and a beta of 1.05. The firm has a fifty day moving average of $5.95 and a 200-day moving average of $6.04.

SCYNEXIS (NASDAQ:SCYX) last released its quarterly earnings results on Monday, May 11th. The company reported ($3.36) EPS for the quarter, missing the consensus estimate of ($0.80) by ($2.56). SCYNEXIS had a negative return on equity of 57.16% and a negative net margin of 41.79%. Analysts predict that SCYNEXIS will post -1.6 EPS for the current year.

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.