SCYNEXIS (SCYX) Trading Up 5.3%

SCYNEXIS, Inc. (NASDAQ:SCYX)’s share price was up 5.3% during trading on Tuesday . The stock traded as high as $2.27 and last traded at $2.17. Approximately 737,700 shares changed hands during mid-day trading, an increase of 118% from the average daily volume of 337,666 shares. The stock had previously closed at $2.06.

Several equities analysts have recently commented on SCYX shares. ValuEngine downgraded SCYNEXIS from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Guggenheim started coverage on SCYNEXIS in a research report on Tuesday, October 24th. They issued a “buy” rating and a $6.00 target price on the stock. Zacks Investment Research raised SCYNEXIS from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research report on Tuesday, August 29th. Finally, Roth Capital set a $9.00 price target on SCYNEXIS and gave the company a “buy” rating in a research note on Monday, August 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. SCYNEXIS currently has a consensus rating of “Buy” and an average price target of $8.43.

The company has a debt-to-equity ratio of 0.43, a quick ratio of 7.30 and a current ratio of 7.30.

Hedge funds have recently modified their holdings of the stock. National Asset Management Inc. bought a new stake in shares of SCYNEXIS in the second quarter valued at approximately $551,000. Federated Investors Inc. PA boosted its stake in shares of SCYNEXIS by 23.5% in the second quarter. Federated Investors Inc. PA now owns 4,208,400 shares of the company’s stock valued at $7,533,000 after buying an additional 800,040 shares during the period. 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. DAFNA Capital Management LLC boosted its stake in shares of SCYNEXIS by 32.7% in the second quarter. DAFNA Capital Management LLC now owns 506,900 shares of the company’s stock valued at $907,000 after buying an additional 125,000 shares during the period. Finally, 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. Institutional investors and hedge funds own 31.27% of the company’s stock.

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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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