SCYNEXIS (NASDAQ:SCYX) Sees Large Volume Increase
SCYNEXIS Inc (NASDAQ:SCYX) shares saw unusually-high trading volume on Wednesday . Approximately 1,780,861 shares traded hands during mid-day trading, an increase of 147% from the previous session’s volume of 721,278 shares.The stock last traded at $1.17 and had previously closed at $1.09.
SCYX has been the subject of several recent research reports. Aegis initiated coverage on SCYNEXIS in a research note on Wednesday, July 31st. They issued a “buy” rating for the company. Zacks Investment Research cut SCYNEXIS from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price target on shares of SCYNEXIS in a research note on Monday, August 12th. LADENBURG THALM/SH SH set a $6.00 price target on SCYNEXIS and gave the company a “buy” rating in a research note on Friday, May 24th. Finally, Maxim Group set a $4.00 price target on SCYNEXIS and gave the company a “buy” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. SCYNEXIS currently has an average rating of “Buy” and an average price target of $4.30.
The company has a market cap of $61.28 million, a price-to-earnings ratio of -2.39 and a beta of 2.32. The firm has a 50 day moving average price of $1.09 and a two-hundred day moving average price of $1.32. The company has a quick ratio of 4.99, a current ratio of 4.99 and a debt-to-equity ratio of 1.73.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning grew its stake in SCYNEXIS by 9.3% during the second quarter. Creative Planning now owns 139,000 shares of the company’s stock worth $182,000 after purchasing an additional 11,824 shares during the period. Deutsche Bank AG acquired a new stake in SCYNEXIS during the fourth quarter worth approximately $121,000. Renaissance Technologies LLC grew its stake in SCYNEXIS by 86.1% during the second quarter. Renaissance Technologies LLC now owns 475,315 shares of the company’s stock worth $623,000 after purchasing an additional 219,900 shares during the period. BlackRock Inc. grew its stake in SCYNEXIS by 152.0% during the second quarter. BlackRock Inc. now owns 854,880 shares of the company’s stock worth $1,121,000 after purchasing an additional 515,707 shares during the period. Finally, Vanguard Group Inc. grew its stake in SCYNEXIS by 47.7% during the second quarter. Vanguard Group Inc. now owns 2,373,737 shares of the company’s stock worth $3,110,000 after purchasing an additional 766,865 shares during the period. 32.86% of the stock is owned by institutional investors and hedge funds.
About SCYNEXIS (NASDAQ:SCYX)
SCYNEXIS, Inc is a biotechnology company, which engages in the development of novel oral and intravenous triterpenoid antifungal for the treatment of several serious fungal infections, including vulvovaginal candidiasis, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections.
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