SCYNEXIS (NASDAQ:SCYX) Stock Price Passes Above Fifty Day Moving Average - Here's What Happened

Key Points

• SCYNEXIS shares moved above their 50-day moving average, reaching $5.35 before last trading at $5.15 on volume of 33,068 shares. The stock’s 50-day average was $4.78, compared with a 200-day average of $5.77.
• Analyst sentiment remains mixed but leans toward a consensus “Hold” rating, with a $33.00 average price target. Guggenheim raised its target to $33 and maintained a Buy rating, while other analysts issued Hold or Sell views.
• SCYNEXIS exceeded quarterly expectations, reporting $0.63 in earnings per share versus a consensus loss estimate of $0.51 and revenue of $0.23 million. Institutional investors own approximately 54.37% of the company’s stock.

SCYNEXIS, Inc. (NASDAQ:SCYX - Get Free Report) shares crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $4.78 and traded as high as $5.35. SCYNEXIS shares last traded at $5.15, with a volume of 33,068 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SCYX. Wall Street Zen raised SCYNEXIS from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings raised SCYNEXIS from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 24th. Guggenheim reissued a "buy" rating and issued a $33.00 price target (up from $24.00) on shares of SCYNEXIS in a research note on Thursday, August 13th. Finally, Brookline Capital Markets restated a "buy" rating on shares of SCYNEXIS in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $33.00.

SCYNEXIS Stock Down 2.8%

The firm has a market cap of $51.24 million, a price-to-earnings ratio of -2.46 and a beta of 1.11. The company has a 50-day moving average price of $4.78 and a 200 day moving average price of $5.77.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of ($0.51) by $1.14. SCYNEXIS had a negative return on equity of 44.15% and a negative net margin of 41.79%.The firm had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.08 million. Equities analysts forecast that SCYNEXIS, Inc. will post -1.6 EPS for the current year.

Institutional Trading of SCYNEXIS

Hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new stake in shares of SCYNEXIS during the second quarter worth approximately $27,000. Bridgeway Capital Management LLC increased its stake in SCYNEXIS by 4.2% in the 2nd quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company's stock valued at $248,000 after buying an additional 14,689 shares during the period. Vanguard Group Inc. increased its stake in SCYNEXIS by 6.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company's stock valued at $1,357,000 after buying an additional 105,600 shares during the period. Geode Capital Management LLC lifted 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 worth $284,000 after buying an additional 29,775 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in SCYNEXIS in the 4th quarter worth approximately $1,255,000. 54.37% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.