SCYNEXIS Inc (NASDAQ:SCYX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm presently has a $3.50 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 24.11% from the stock’s previous close.
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. “
SCYX has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $14.00 price objective on shares of SCYNEXIS in a research report on Wednesday, February 22nd. Guggenheim restated a “buy” rating and issued a $15.00 price objective on shares of SCYNEXIS in a research report on Tuesday, March 14th. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 price objective (down previously from $15.00) on shares of SCYNEXIS in a research report on Friday, March 3rd. Aegis assumed coverage on shares of SCYNEXIS in a research report on Tuesday, January 31st. They issued a “buy” rating and a $7.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of SCYNEXIS in a research report on Friday, March 3rd. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $10.56.
SCYNEXIS (NASDAQ:SCYX) opened at 2.82 on Friday. SCYNEXIS has a 12 month low of $1.74 and a 12 month high of $5.51. The company’s market cap is $69.40 million. The company has a 50-day moving average of $3.14 and a 200 day moving average of $3.44.
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In related news, CEO Marco Taglietti purchased 25,000 shares of SCYNEXIS stock in a transaction that occurred on Wednesday, December 21st. The shares were bought at an average price of $3.30 per share, for a total transaction of $82,500.00. Following the completion of the transaction, the chief executive officer now directly owns 251,000 shares of the company’s stock, valued at $828,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.91% of the stock is currently owned by insiders.
A hedge fund recently bought a new stake in SCYNEXIS stock. Baker BROS. Advisors LP purchased a new stake in shares of SCYNEXIS Inc (NASDAQ:SCYX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 467,600 shares of the company’s stock, valued at approximately $1,810,000. Baker BROS. Advisors LP owned approximately 2.00% of SCYNEXIS at the end of the most recent quarter. Hedge funds and other institutional investors own 47.81% of the company’s stock.
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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