SCYNEXIS, Inc. (SCYX) Receives Average Recommendation of “Buy” from Brokerages
SCYNEXIS, Inc. (NASDAQ:SCYX) has been given an average rating of “Buy” by the eight research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $8.55.
SCYX has been the topic of a number of research reports. Zacks Investment Research upgraded SCYNEXIS from a “hold” rating to a “buy” rating and set a $2.00 price objective on the stock in a research note on Wednesday, August 2nd. Roth Capital set a $9.00 price objective on SCYNEXIS and gave the company a “buy” rating in a research note on Monday, August 7th. HC Wainwright set a $14.00 price objective on SCYNEXIS and gave the company a “buy” rating in a research note on Wednesday, August 16th. Guggenheim initiated coverage on SCYNEXIS in a research note on Tuesday. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, ValuEngine cut SCYNEXIS from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd.
Shares of SCYNEXIS (SCYX) traded down 1.59% during trading on Thursday, hitting $1.86. 196,745 shares of the stock traded hands. The stock’s market cap is $49.70 million. The stock has a 50 day moving average price of $2.20 and a 200-day moving average price of $1.99. SCYNEXIS has a 1-year low of $1.52 and a 1-year high of $4.04.
Institutional investors and hedge funds have recently made changes to their positions in the company. National Asset Management Inc. bought a new stake in shares of SCYNEXIS during the second quarter valued at about $551,000. Federated Investors Inc. PA increased its position in shares of SCYNEXIS by 23.5% during the second quarter. Federated Investors Inc. PA now owns 4,208,400 shares of the company’s stock valued at $7,533,000 after buying an additional 800,040 shares during the period. Bank of New York Mellon Corp increased its position in shares of SCYNEXIS by 1.4% during the first quarter. Bank of New York Mellon Corp now owns 37,523 shares of the company’s stock valued at $103,000 after buying an additional 512 shares during the period. KCG Holdings Inc. bought a new stake in shares of SCYNEXIS during the first quarter valued at about $416,000. Finally, DAFNA Capital Management LLC increased its position in shares of SCYNEXIS by 32.7% during the second quarter. DAFNA Capital Management LLC now owns 506,900 shares of the company’s stock valued at $907,000 after buying an additional 125,000 shares during the period. Hedge funds and other institutional investors own 36.76% of the company’s stock.
SCYNEXIS Company Profile
SCYNEXIS, Inc is engaged in the discovery, development and commercialization of anti-infectives. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of several fungal infections, including serious invasive fungal infections. SCY-078 is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo in animal studies against a range of Candida and Aspergillus species, including drug-resistant strains.
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