Zacks Investment Research Upgrades SCYNEXIS, Inc. (SCYX) to Buy
SCYNEXIS, Inc. (NASDAQ:SCYX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $2.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 1.52% from the stock’s current price.
According to Zacks, “SCYNEXIS, Inc. is a pharmaceutical company. It is engaged in the discovery, development, and commercialization of anti-infectives to address unmet therapeutic needs. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. It also provides contract research and development services. SCYNEXIS, Inc. is headquartered in Durham, North Carolina. “
A number of other research firms have also recently commented on SCYX. Aegis reissued a “buy” rating on shares of SCYNEXIS in a report on Tuesday, May 30th. Needham & Company LLC cut SCYNEXIS from a “buy” rating to a “hold” rating in a report on Tuesday, May 9th. Roth Capital set a $9.00 price target on SCYNEXIS and gave the company a “buy” rating in a report on Monday, August 7th. HC Wainwright set a $14.00 price target on SCYNEXIS and gave the company a “buy” rating in a report on Wednesday, August 16th. Finally, ValuEngine cut SCYNEXIS from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. SCYNEXIS currently has an average rating of “Buy” and a consensus target price of $10.22.
SCYNEXIS (NASDAQ:SCYX) opened at 1.97 on Tuesday. The company’s market cap is $52.64 million. SCYNEXIS has a 52-week low of $1.52 and a 52-week high of $5.51. The firm’s 50-day moving average price is $1.74 and its 200 day moving average price is $2.25.
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In other news, Director David C. Hastings bought 20,000 shares of SCYNEXIS stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average cost of $1.75 per share, with a total value of $35,000.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $35,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders bought 45,000 shares of company stock worth $75,850 over the last ninety days. Insiders own 3.91% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of SCYNEXIS by 1.4% in 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. Dynamic Technology Lab Private Ltd purchased a new stake in shares of SCYNEXIS during the first quarter valued at about $154,000. GSA Capital Partners LLP boosted its stake in shares of SCYNEXIS by 33.7% in the second quarter. GSA Capital Partners LLP now owns 176,700 shares of the company’s stock valued at $316,000 after buying an additional 44,500 shares during the period. KCG Holdings Inc. purchased a new stake in shares of SCYNEXIS during the first quarter valued at about $416,000. Finally, National Asset Management Inc. purchased a new stake in shares of SCYNEXIS during the second quarter valued at about $551,000. 36.75% of the stock is currently owned by hedge funds and other institutional investors.
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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