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

Shares of SCYNEXIS, Inc. (NASDAQ:SCYX) 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 traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 26th. Wall Street Zen downgraded SCYNEXIS from a “buy” rating to a “sell” rating in a research report on Saturday, May 16th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.00.

SCYNEXIS Stock Up 1.5%

The firm has a market capitalization of $46.47 million, a price-to-earnings ratio of -1.22 and a beta of 1.11. The stock has a 50-day moving average price of $5.21 and a 200 day moving average price of $5.99.

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

Institutional Investors Weigh In On SCYNEXIS

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new stake in shares of SCYNEXIS during the second quarter worth about $27,000. Renaissance Technologies LLC grew its holdings in shares of SCYNEXIS by 27.6% during the first quarter. Renaissance Technologies LLC now owns 224,640 shares of the company’s stock worth $206,000 after buying an additional 48,640 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings 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 last quarter. Geode Capital Management LLC increased its position in SCYNEXIS by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 449,223 shares of the company’s stock valued at $284,000 after acquiring an additional 29,775 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new position in shares of SCYNEXIS in the fourth quarter valued at approximately $1,255,000. 54.37% of the stock is currently owned by institutional investors and hedge funds.

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.