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

SCYNEXIS, Inc. (NASDAQ:SCYX)’s share price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $0.65 and traded as low as $0.5873. SCYNEXIS shares last traded at $0.6235, with a volume of 562,706 shares changing hands.

Wall Street Analyst Weigh In

SCYX has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SCYNEXIS in a research report on Monday, December 15th. Wall Street Zen raised shares of SCYNEXIS to a “hold” rating in a report on Saturday, October 25th. Finally, Guggenheim reduced their price objective on SCYNEXIS from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, October 28th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.00.

SCYNEXIS Stock Performance

The stock’s fifty day simple moving average is $0.65 and its 200-day simple moving average is $0.76. The stock has a market cap of $26.17 million, a P/E ratio of -1.22 and a beta of 1.37.

SCYNEXIS (NASDAQ:SCYX) last announced its earnings results on Wednesday, November 5th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. The company had revenue of $0.33 million for the quarter, compared to analysts’ expectations of $0.15 million. SCYNEXIS had a negative net margin of 862.89% and a negative return on equity of 60.54%.

Institutional Trading of SCYNEXIS

A number of institutional investors have recently modified their holdings of SCYX. Bridgeway Capital Management LLC increased its position in shares of SCYNEXIS by 4.2% in the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after purchasing an additional 14,689 shares during the period. Jane Street Group LLC acquired a new stake in SCYNEXIS during the second quarter worth about $27,000. GSA Capital Partners LLP increased its holdings in SCYNEXIS by 95.2% in the 3rd quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock valued at $80,000 after buying an additional 50,916 shares during the period. Sequoia Financial Advisors LLC bought a new position in SCYNEXIS in the 3rd quarter valued at about $41,000. Finally, Vanguard Group Inc. raised its position in shares of SCYNEXIS by 6.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock valued at $1,357,000 after buying an additional 105,600 shares in the last quarter. 54.37% of the stock is currently owned by institutional investors.

SCYNEXIS Company Profile

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.