Zacks Investment Research upgraded shares of SCYNEXIS, Inc. (NASDAQ:SCYX) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $2.75 price target on the stock.
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. “
Several other equities research analysts have also weighed in on SCYX. Roth Capital set a $9.00 price target on SCYNEXIS and gave the company a buy rating in a research report on Monday, August 7th. HC Wainwright set a $14.00 target price on SCYNEXIS and gave the stock a buy rating in a report on Wednesday, August 16th. Finally, ValuEngine downgraded 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 and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $9.82.
Shares of SCYNEXIS (NASDAQ SCYX) traded up 0.44% during trading on Tuesday, hitting $2.26. The stock had a trading volume of 22,444 shares. SCYNEXIS has a 52 week low of $1.52 and a 52 week high of $4.59. The stock’s market capitalization is $60.39 million. The firm has a 50 day moving average price of $2.16 and a 200-day moving average price of $2.04.
WARNING: This story was published by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this story on another publication, it was stolen and republished in violation of US and international copyright & trademark legislation. The correct version of this story can be read at https://stocknewstimes.com/2017/10/11/scynexis-inc-scyx-upgraded-to-buy-at-zacks-investment-research.html.
Institutional investors have recently added to or reduced their stakes in the business. Iguana Healthcare Management LLC boosted its holdings in SCYNEXIS by 20.0% in the first quarter. Iguana Healthcare Management LLC now owns 300,000 shares of the company’s stock worth $828,000 after acquiring an additional 50,000 shares in the last quarter. Federated Investors Inc. PA boosted its holdings in SCYNEXIS by 23.5% in the second quarter. Federated Investors Inc. PA now owns 4,208,400 shares of the company’s stock worth $7,533,000 after acquiring an additional 800,040 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in SCYNEXIS by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 37,523 shares of the company’s stock worth $103,000 after acquiring an additional 512 shares in the last quarter. KCG Holdings Inc. bought a new stake in SCYNEXIS in the first quarter worth $416,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in SCYNEXIS in the first quarter worth $154,000. 36.75% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for SCYNEXIS Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SCYNEXIS Inc. and related companies with MarketBeat.com's FREE daily email newsletter.