SCYNEXIS (NASDAQ:SCYX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded SCYNEXIS from “strong sell” to “hold,” while the broader analyst consensus remains “hold” with an average price target of $33.00.
• SCYNEXIS reported quarterly EPS of $0.63, exceeding the consensus estimate of a $0.51 loss, though revenue was only $0.23 million and the company continued to report negative profitability metrics.
• The stock opened at $5.18, with a $51.54 million market capitalization, while institutional investors held 54.37% of outstanding shares after several funds initiated or increased positions.

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

A number of other equities analysts have also recently weighed in on the company. Brookline Capital Markets reissued a "buy" rating on shares of SCYNEXIS in a report on Friday, July 31st. Weiss Ratings raised SCYNEXIS from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 24th. Finally, Guggenheim reiterated a "buy" rating and set a $33.00 price target (up from $24.00) on shares of SCYNEXIS in a research report on Thursday. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, SCYNEXIS has an average rating of "Hold" and an average price target of $33.00.

SCYNEXIS Stock Up 1.2%

SCYNEXIS stock opened at $5.18 on Friday. The firm's fifty day moving average is $4.36 and its 200 day moving average is $5.86. SCYNEXIS has a 12-month low of $3.53 and a 12-month high of $10.48. The company has a market capitalization of $51.54 million, a PE ratio of -2.48 and a beta of 1.09.

SCYNEXIS (NASDAQ:SCYX - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.63 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $0.08 million. Sell-side analysts expect that SCYNEXIS will post -1.6 EPS for the current fiscal year.

Institutional Trading of SCYNEXIS

Several hedge funds and other institutional investors have recently bought and sold shares of SCYX. Jane Street Group LLC bought a new position in shares of SCYNEXIS in the second quarter worth approximately $27,000. Wealth Effects LLC bought a new stake in SCYNEXIS during the 2nd quarter valued at $56,000. BlackRock Inc. bought a new stake in SCYNEXIS during the 2nd quarter valued at $169,000. ADAR1 Capital Management LLC purchased a new stake in SCYNEXIS during the 2nd quarter valued at $201,000. Finally, Renaissance Technologies LLC boosted its position in SCYNEXIS by 27.6% during the 1st 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. Institutional investors own 54.37% of the company's stock.

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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