SCYNEXIS (NASDAQ:SCYX) Stock Price Crosses Below 50-Day Moving Average – Here’s What Happened

SCYNEXIS, Inc. (NASDAQ:SCYX)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $5.21 and traded as low as $4.43. SCYNEXIS shares last traded at $4.68, with a volume of 89,302 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wall Street Zen cut SCYNEXIS from a “buy” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings upgraded shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $24.00.

SCYNEXIS Stock Performance

The stock has a fifty day moving average price of $5.21 and a 200-day moving average price of $5.99. The firm has a market cap of $46.47 million, a PE ratio of -1.22 and a beta of 1.11.

SCYNEXIS (NASDAQ:SCYX) last posted its earnings results on Monday, May 11th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.32). SCYNEXIS had a negative net margin of 41.79% and a negative return on equity of 57.16%. As a group, equities analysts predict that SCYNEXIS, Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SCYNEXIS

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. acquired a new position in shares of SCYNEXIS in the fourth quarter worth about $1,255,000. Vanguard Group Inc. grew its position 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 buying an additional 105,600 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of SCYNEXIS by 27.6% in the first quarter. Renaissance Technologies LLC now owns 224,640 shares of the company’s stock worth $206,000 after buying an additional 48,640 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of SCYNEXIS in the second quarter worth $27,000. Finally, Geode Capital Management LLC raised its holdings in SCYNEXIS by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 449,223 shares of the company’s stock valued at $284,000 after acquiring an additional 29,775 shares in the last quarter. Hedge funds and other 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.