SCYNEXIS (NASDAQ:SCYX) Lowered to Strong Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded SCYNEXIS from “sell” to “strong sell,” while other analysts remain divided; the stock has an overall “Hold” consensus rating and a $24 average price target.
• SCYNEXIS shares rose 0.8% to $5.24, but the company reported a quarterly loss of $0.42 per share, missing the $0.10-loss estimate, and analysts expect a full-year loss of $1.60 per share.
• Institutional investors own 54.37% of SCYNEXIS, with firms including Vanguard and Renaissance Technologies increasing their positions. The biopharmaceutical company is developing antifungal therapies, led by oral drug candidate ibrexafungerp.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday.

Other research analysts have also recently issued reports about the company. Brookline Capital Markets reissued a "buy" rating on shares of SCYNEXIS in a research note on Friday, July 31st. Weiss Ratings raised SCYNEXIS from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $24.00.

SCYNEXIS Stock Up 0.8%

Shares of SCYX stock opened at $5.24 on Friday. The firm has a 50 day moving average of $4.35 and a two-hundred day moving average of $5.88. The stock has a market capitalization of $52.03 million, a PE ratio of -1.36 and a beta of 1.09. SCYNEXIS has a 52 week low of $3.53 and a 52 week high of $10.48.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.32). SCYNEXIS had a negative return on equity of 57.16% and a negative net margin of 41.79%. Analysts expect that SCYNEXIS will post -1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On SCYNEXIS

A number of large investors have recently modified their holdings of SCYX. Goldman Sachs Group Inc. acquired a new position in shares of SCYNEXIS during the 4th quarter worth about $1,255,000. Vanguard Group Inc. increased its holdings in shares of 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 acquiring an additional 105,600 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of SCYNEXIS by 27.6% during the 1st quarter. Renaissance Technologies LLC now owns 224,640 shares of the company's stock worth $206,000 after acquiring an additional 48,640 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of SCYNEXIS during the 2nd quarter worth about $169,000. Finally, Jane Street Group LLC purchased a new stake in SCYNEXIS during the second quarter worth approximately $27,000. 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.

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