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

Key Points

• SCYNEXIS beat quarterly earnings expectations, reporting $0.63 in EPS versus the consensus estimate of a $0.51 loss. Revenue was $0.23 million, above analysts’ $0.08 million forecast, though the company still posted negative profitability metrics.
• SCYX shares fell 1.5% to $5.16 following the results. The stock has traded between $3.53 and $10.48 over the past year and has a consensus analyst rating of Hold with a $24 average price target.
• Institutional investors own 54.37% of SCYNEXIS, with firms including Vanguard, Geode Capital and Bridgeway Capital increasing their positions. The company is developing anti-infective therapies, led by its oral antifungal candidate ibrexafungerp.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) issued its quarterly earnings data on Monday. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of ($0.51) by $1.14, FiscalAI reports. SCYNEXIS had a negative return on equity of 57.16% and a negative net margin of 41.79%.The business had revenue of $0.23 million for the quarter, compared to analysts' expectations of $0.08 million.

SCYNEXIS Trading Down 1.5%

Shares of SCYX stock traded down $0.08 on Monday, hitting $5.16. 51,102 shares of the stock were exchanged, compared to its average volume of 92,897. The firm's 50 day moving average is $4.35 and its two-hundred day moving average is $5.88. SCYNEXIS has a one year low of $3.53 and a one year high of $10.48. The firm has a market capitalization of $51.24 million, a PE ratio of -1.34 and a beta of 1.09.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wall Street Zen lowered shares of SCYNEXIS from a "sell" rating to a "strong sell" rating in a research report on Saturday. Weiss Ratings upgraded SCYNEXIS from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 24th. Finally, Brookline Capital Markets reaffirmed a "buy" rating on shares of SCYNEXIS in a research report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $24.00.

Institutional Investors Weigh In On SCYNEXIS

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new stake in shares of SCYNEXIS in the second quarter valued at approximately $27,000. Bridgeway Capital Management LLC boosted its holdings in SCYNEXIS by 4.2% in the 2nd 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 grew its stake 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 buying an additional 29,775 shares in the last quarter. Goldman Sachs Group Inc. bought a new stake in SCYNEXIS during the 4th quarter valued at $1,255,000. Finally, Vanguard Group Inc. raised its holdings 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 during the period. 54.37% of the stock is owned by hedge funds and other institutional investors.

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.

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