SCYNEXIS, Inc. (SCYX) Upgraded to “Buy” at Zacks Investment Research

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.

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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.

Analyst Recommendations for SCYNEXIS (NASDAQ:SCYX)

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