SCYNEXIS (NASDAQ:SCYX) Share Price Passes Below 200 Day Moving Average – Time to Sell?

SCYNEXIS, Inc. (NASDAQ:SCYX) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.75 and traded as low as $0.70. SCYNEXIS shares last traded at $0.7110, with a volume of 258,042 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SCYX. Guggenheim reduced their price objective on shares of SCYNEXIS from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SCYNEXIS in a research report on Monday, December 29th. Finally, Wall Street Zen raised SCYNEXIS to a “hold” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, SCYNEXIS has a consensus rating of “Hold” and an average target price of $3.00.

SCYNEXIS Stock Performance

The business has a 50 day simple moving average of $0.66 and a two-hundred day simple moving average of $0.75. The firm has a market capitalization of $29.84 million, a P/E ratio of -1.39 and a beta of 1.34.

SCYNEXIS (NASDAQ:SCYX) last issued 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. The company had revenue of $0.33 million during the quarter, compared to analyst estimates of $0.15 million. SCYNEXIS had a negative return on equity of 60.54% and a negative net margin of 862.89%.

Institutional Trading of SCYNEXIS

Hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC bought a new position in SCYNEXIS in the second quarter valued at $27,000. Sequoia Financial Advisors LLC purchased a new position in shares of SCYNEXIS in the 3rd quarter worth about $41,000. GSA Capital Partners LLP increased its position 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 valued at $80,000 after purchasing an additional 50,916 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of SCYNEXIS by 4.2% during the 2nd 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 in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of SCYNEXIS by 6.4% during 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 owned by institutional investors.

About SCYNEXIS

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.