SCYNEXIS (NASDAQ:SCYX) Stock Bumped Down to Sell by Wall Street Zen

SCYNEXIS (NASDAQ:SCYX) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts also recently weighed in on the stock. Guggenheim reiterated a “buy” rating and issued a $33.00 price target (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 report on Friday, July 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SCYNEXIS in a research report on Thursday, October 22nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, SCYNEXIS has an average rating of “Hold” and an average target price of $33.00.

SCYNEXIS Price Performance

Shares of SCYNEXIS stock opened at $3.50 on Friday. SCYNEXIS has a 12 month low of $3.28 and a 12 month high of $9.12. The stock has a 50 day moving average of $4.39 and a 200 day moving average of $5.48.

SCYNEXIS (NASDAQ:SCYX) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.71) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.01. The firm had revenue of $0.13 million for the quarter, compared to analyst estimates of $0.13 million. As a group, analysts forecast that SCYNEXIS will post -1.60 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SCYNEXIS

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Effects LLC acquired a new position in shares of SCYNEXIS during the second quarter worth approximately $56,000. Empowered Funds LLC bought a new stake in SCYNEXIS during the 2nd quarter valued at $63,000. Velan Capital Investment Management LP acquired a new position in SCYNEXIS during the second quarter worth $163,000. BlackRock Inc. bought a new position in shares of SCYNEXIS in the second quarter valued at $169,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of SCYNEXIS in the second quarter valued at $201,000. 54.37% of the stock is currently owned by institutional investors and hedge funds.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing innovative antifungal therapies for the treatment of serious and common fungal infections. The company’s research platform is centered on ibrexafungerp, a novel triterpenoid antifungal designed to inhibit glucan synthase, an enzyme important to the formation of fungal cell walls.

SCYNEXIS’s lead product, BREXAFEMME (ibrexafungerp tablets), is an oral antifungal approved in the United States for the treatment of vaginal yeast infections, also known as vulvovaginal candidiasis.