SCYNEXIS (NASDAQ:SCYX) Posts Quarterly Earnings Results, Beats Expectations By $1.14 EPS

SCYNEXIS (NASDAQ:SCYX) released its earnings results on Monday. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of ($0.51) by $1.14, FiscalAI reports. The business had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.08 million. SCYNEXIS had a negative return on equity of 50.54% and a negative net margin of 41.79%.

SCYNEXIS Price Performance

NASDAQ SCYX traded down $0.28 during trading on Wednesday, reaching $4.88. 2,315 shares of the company’s stock traded hands, compared to its average volume of 94,047. The firm has a market cap of $48.46 million, a price-to-earnings ratio of -2.33 and a beta of 1.09. The company’s 50 day simple moving average is $4.34 and its two-hundred day simple moving average is $5.88. SCYNEXIS has a 12-month low of $3.53 and a 12-month high of $10.48.

Hedge Funds Weigh In On SCYNEXIS

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in SCYNEXIS during the second quarter valued at approximately $27,000. Bridgeway Capital Management LLC lifted its holdings in 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. Geode Capital Management LLC lifted its holdings in SCYNEXIS by 7.1% during the fourth 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 during the period. Goldman Sachs Group Inc. bought a new stake in SCYNEXIS during the 4th quarter valued at $1,255,000. Finally, Vanguard Group Inc. boosted its position in SCYNEXIS by 6.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock valued at $1,357,000 after acquiring an additional 105,600 shares in the last quarter. 54.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Weiss Ratings raised shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 24th. Wall Street Zen cut shares of SCYNEXIS from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Brookline Capital Markets restated a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.00.

SCYNEXIS Company Profile

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.