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

SCYNEXIS, Inc. (NASDAQ:SCYX) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $4.93 and traded as high as $5.29. SCYNEXIS shares last traded at $4.84, with a volume of 162,321 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on SCYX shares. Wall Street Zen upgraded SCYNEXIS from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 16th. Guggenheim reaffirmed a “buy” rating and issued a $33.00 target price (up from $24.00) on shares of SCYNEXIS in a research report on Thursday, August 13th. Brookline Capital Markets reiterated a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, SCYNEXIS currently has a consensus rating of “Hold” and a consensus target price of $33.00.

SCYNEXIS Stock Performance

The firm has a market cap of $41.99 million, a P/E ratio of -2.02 and a beta of 1.06. The company has a 50-day moving average of $4.95 and a 200 day moving average of $5.51.

SCYNEXIS (NASDAQ:SCYX) last released its quarterly earnings data 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. The company had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.08 million. Sell-side analysts anticipate that SCYNEXIS, Inc. will post -1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On SCYNEXIS

A number of hedge funds have recently made changes to their positions in the company. Wealth Effects LLC acquired a new position in SCYNEXIS in the second quarter valued at about $56,000. Empowered Funds LLC acquired a new stake in shares of SCYNEXIS during the second quarter worth approximately $63,000. Velan Capital Investment Management LP acquired a new stake in shares of SCYNEXIS during the second quarter worth approximately $163,000. BlackRock Inc. bought a new position in shares of SCYNEXIS in the second quarter valued at approximately $169,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of SCYNEXIS in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 54.37% of the company’s stock.

About SCYNEXIS

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing medicines for fungal infections. The company’s lead product is BREXAFEMME (ibrexafungerp), an oral, non-azole antifungal approved by the U.S. Food and Drug Administration for the treatment of vulvovaginal candidiasis and for reducing the incidence of recurrent vulvovaginal candidiasis in adult and postmenarchal adolescent females.

Ibrexafungerp is a triterpenoid antifungal that works by inhibiting glucan synthase, an enzyme required for the formation of fungal cell walls.