SCYNEXIS (NASDAQ:SCYX) Shares Pass Below 200 Day Moving Average – Time to Sell?

Shares of SCYNEXIS, Inc. (NASDAQ:SCYX) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.79 and traded as low as $0.6510. SCYNEXIS shares last traded at $0.66, with a volume of 178,364 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SCYX. Wall Street Zen upgraded shares of SCYNEXIS to a “hold” rating in a research report on Saturday, October 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of SCYNEXIS in a research note on Monday, November 24th. Finally, Guggenheim decreased their target price on shares of SCYNEXIS from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Tuesday, October 28th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.00.

SCYNEXIS Stock Performance

The company has a market cap of $27.70 million, a PE ratio of -1.29 and a beta of 1.37. The company has a fifty day moving average of $0.72 and a two-hundred day moving average of $0.79.

SCYNEXIS (NASDAQ:SCYX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.17) EPS for the quarter, topping 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 company had revenue of $0.33 million during the quarter, compared to analyst estimates of $0.15 million.

Institutional Trading of SCYNEXIS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in SCYNEXIS by 6.4% in the third quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock worth $1,357,000 after purchasing an additional 105,600 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of SCYNEXIS by 4.2% during the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock valued at $248,000 after buying an additional 14,689 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of SCYNEXIS in the second quarter worth approximately $27,000. GSA Capital Partners LLP lifted its stake in shares of SCYNEXIS by 95.2% during the 3rd quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after acquiring an additional 50,916 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in SCYNEXIS during the 3rd quarter valued at $41,000. 54.37% of the stock is owned by hedge funds and other institutional investors.

About SCYNEXIS

SCYNEXIS, Inc, a biotechnology company, develops medicines to overcome and prevent difficult-to-treat and drug-resistant infections in the United States. It offers BREXAFEMME for the treatment of patients with vulvovaginal candidiasis (VVC) and recurrent VVC. The company's lead product candidate is Ibrexafungerp, an intravenous drug for the treatment of invasive candidiasis and/or candidemia, refractory invasive fungal infections, invasive aspergillosis, VVC, and recurrent VVC.