Zacks Investment Research Upgrades SCYNEXIS (NASDAQ:SCYX) to “Buy”

SCYNEXIS (NASDAQ:SCYX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $1.25 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.82% from the company’s previous close.

According to Zacks, “SCYNEXIS, Inc. is a pharmaceutical company. It is engaged in the discovery, development, and commercialization of anti-infectives to address unmet therapeutic needs. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. It also provides contract research and development services. SCYNEXIS, Inc. is headquartered in Durham, North Carolina. “

Several other brokerages also recently weighed in on SCYX. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $6.00 target price on shares of SCYNEXIS in a report on Thursday, January 9th. HC Wainwright reaffirmed a “buy” rating and issued a $3.50 target price on shares of SCYNEXIS in a report on Thursday, January 9th. ValuEngine downgraded shares of SCYNEXIS from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of SCYNEXIS in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $3.95.

Shares of NASDAQ:SCYX traded down $0.01 during midday trading on Tuesday, hitting $1.07. The stock had a trading volume of 1,900 shares, compared to its average volume of 1,780,096. The company has a market capitalization of $57.20 million, a PE ratio of -2.17 and a beta of 2.16. The stock has a 50 day moving average price of $0.90 and a two-hundred day moving average price of $1.08. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 2.60. SCYNEXIS has a 1 year low of $0.67 and a 1 year high of $1.90.

SCYNEXIS (NASDAQ:SCYX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.01. SCYNEXIS had a negative net margin of 11,653.81% and a negative return on equity of 230.55%. As a group, equities analysts expect that SCYNEXIS will post -0.65 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new stake in shares of SCYNEXIS in the third quarter valued at about $76,000. Virtu Financial LLC acquired a new position in shares of SCYNEXIS in the third quarter valued at approximately $97,000. Creative Planning raised its position in shares of SCYNEXIS by 11.3% in the third quarter. Creative Planning now owns 154,700 shares of the company’s stock valued at $165,000 after buying an additional 15,700 shares during the last quarter. Vanguard Group Inc. grew its holdings in SCYNEXIS by 47.7% in the second quarter. Vanguard Group Inc. now owns 2,373,737 shares of the company’s stock valued at $3,110,000 after purchasing an additional 766,865 shares during the period. Finally, BlackRock Inc. grew its stake in SCYNEXIS by 152.0% during the second quarter. BlackRock Inc. now owns 854,880 shares of the company’s stock worth $1,121,000 after buying an additional 515,707 shares during the period. Hedge funds and other institutional investors own 32.00% of the company’s stock.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a biotechnology company, which engages in the development of novel oral and intravenous triterpenoid antifungal for the treatment of several serious fungal infections, including vulvovaginal candidiasis, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections.

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