SCYNEXIS (NASDAQ:SCYX) Stock Price Crosses Above Fifty Day Moving Average - Time to Sell?

Key Points

• SCYNEXIS shares briefly moved above their 50-day moving average, reaching $5.29 before trading at $4.84, while remaining below the 200-day average of $5.53.
• Analyst sentiment is mixed: Guggenheim raised its price target to $33 and maintained a Buy rating, while the overall consensus is Hold based on two Buy ratings and one Sell rating.
• The company exceeded quarterly expectations, reporting $0.63 in earnings per share versus an expected loss of $0.51 and revenue of $0.23 million versus $0.08 million expected. Institutional investors own 54.37% of the stock.

SCYNEXIS, Inc. (NASDAQ:SCYX - Get Free Report) shares passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $4.93 and traded as high as $5.29. SCYNEXIS shares last traded at $4.84, with a volume of 162,321 shares traded.

Analysts Set New Price Targets

Several brokerages have recently commented on SCYX. Guggenheim restated a "buy" rating and set a $33.00 price objective (up from $24.00) on shares of SCYNEXIS in a research report on Thursday, August 13th. Brookline Capital Markets reaffirmed a "buy" rating on shares of SCYNEXIS in a report on Friday, July 31st. Wall Street Zen upgraded SCYNEXIS from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 16th. Finally, Weiss Ratings raised SCYNEXIS from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $33.00.

SCYNEXIS Stock Down 3.8%

The business has a 50 day moving average price of $4.93 and a 200 day moving average price of $5.53. The stock has a market cap of $48.16 million, a P/E ratio of -2.32 and a beta of 1.06.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of ($0.51) by $1.14. The business had revenue of $0.23 million for the quarter, compared to the consensus estimate of $0.08 million. On average, research analysts expect that SCYNEXIS, Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Empery Asset Management LP purchased a new stake in shares of SCYNEXIS in the 2nd quarter worth approximately $514,656. ADAR1 Capital Management LLC purchased a new position in SCYNEXIS during the second quarter valued at approximately $201,000. Renaissance Technologies LLC increased its holdings in SCYNEXIS by 27.6% during the first quarter. Renaissance Technologies LLC now owns 224,640 shares of the company's stock valued at $206,000 after buying an additional 48,640 shares during the period. BlackRock Inc. bought a new position in SCYNEXIS in the second quarter worth approximately $169,000. Finally, Velan Capital Investment Management LP bought a new position in SCYNEXIS in the second quarter worth approximately $163,000. 54.37% of the stock is currently owned by hedge funds and other institutional investors.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing medicines for fungal infections. The company's lead product is BREXAFEMME (ibrexafungerp), an oral, non-azole antifungal approved by the U.S. Food and Drug Administration for the treatment of vulvovaginal candidiasis and for reducing the incidence of recurrent vulvovaginal candidiasis in adult and postmenarchal adolescent females.

Ibrexafungerp is a triterpenoid antifungal that works by inhibiting glucan synthase, an enzyme required for the formation of fungal cell walls.

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