WBB Securities upgraded shares of Scynexis Inc. (NASDAQ:SCYX) from a buy rating to a strong-buy rating in a report issued on Friday morning. WBB Securities currently has $8.00 target price on the stock.
A number of other research analysts also recently issued reports on SCYX. Brean Capital reiterated a buy rating and set a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Canaccord Genuity reiterated a buy rating on shares of Scynexis in a research note on Thursday, June 9th. Needham & Company LLC reiterated a buy rating and set a $16.00 price objective on shares of Scynexis in a research note on Thursday, June 9th. Zacks Investment Research upgraded Scynexis from a hold rating to a buy rating and set a $3.25 price objective for the company in a research note on Wednesday, June 15th. Finally, Guggenheim started coverage on Scynexis in a research note on Wednesday, August 17th. They set a buy rating and a $15.00 price objective for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $12.18.
Scynexis (NASDAQ:SCYX) opened at 4.55 on Friday. The firm’s 50 day moving average is $3.53 and its 200 day moving average is $3.20. Scynexis has a 1-year low of $1.74 and a 1-year high of $7.69. The stock’s market capitalization is $106.58 million.
Scynexis (NASDAQ:SCYX) last announced its quarterly earnings data 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 net margin of 12,239.31% and a negative return on equity of 73.13%. On average, equities research analysts anticipate that Scynexis will post ($2.13) earnings per share for the current year.
In other news, Director Patrick Machado acquired 40,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were acquired at an average cost of $2.94 per share, with a total value of $117,600.00. Following the acquisition, the director now directly owns 60,000 shares of the company’s stock, valued at $176,400. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.91% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Deerfield Management Co. boosted its stake in shares of Scynexis by 109.1% in the second quarter. Deerfield Management Co. now owns 1,773,177 shares of the company’s stock valued at $3,848,000 after buying an additional 925,177 shares during the period. Sabby Management LLC purchased a new stake in shares of Scynexis during the second quarter valued at about $1,243,000. UBS Oconnor LLC purchased a new stake in shares of Scynexis during the second quarter valued at about $542,000. Private Advisor Group LLC boosted 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 valued at $434,000 after buying an additional 100,000 shares during the period. Finally, Granite Point Capital Management L.P. purchased a new stake in shares of Scynexis during the second quarter valued at about $380,000. 60.30% of the stock is currently owned by institutional investors and hedge funds.
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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