SCYNEXIS (NASDAQ:SCYX) Share Price Crosses Below 200-Day Moving Average – Here’s Why

SCYNEXIS, Inc. (NASDAQ:SCYX) shares passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.75 and traded as low as $0.70. SCYNEXIS shares last traded at $0.7110, with a volume of 258,042 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SCYX. Guggenheim decreased their target price on SCYNEXIS from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Tuesday, October 28th. Wall Street Zen raised shares of SCYNEXIS to a “hold” rating in a report on Saturday, October 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SCYNEXIS in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.00.

SCYNEXIS Trading Down 4.0%

The firm’s 50 day moving average price is $0.66 and its 200-day moving average price is $0.75. The company has a market cap of $29.84 million, a P/E ratio of -1.39 and a beta of 1.34.

SCYNEXIS (NASDAQ:SCYX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. SCYNEXIS had a negative net margin of 862.89% and a negative return on equity of 60.54%. The business had revenue of $0.33 million for the quarter, compared to analyst estimates of $0.15 million.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of SCYNEXIS by 6.4% during the third quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock worth $1,357,000 after acquiring an additional 105,600 shares during the period. Bridgeway Capital Management LLC raised its stake in shares of SCYNEXIS by 4.2% during the 2nd quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after purchasing an additional 14,689 shares in the last quarter. Jane Street Group LLC acquired a new stake in SCYNEXIS in the second quarter valued at $27,000. GSA Capital Partners LLP grew its holdings in SCYNEXIS by 95.2% during the third quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after purchasing an additional 50,916 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in SCYNEXIS during the third quarter worth approximately $41,000. 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.