SCYNEXIS (NASDAQ:SCYX) Stock Crosses Below 50-Day Moving Average – Here’s Why

SCYNEXIS, Inc. (NASDAQ:SCYX)’s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $0.88 and traded as low as $0.74. SCYNEXIS shares last traded at $0.81, with a volume of 677,265 shares changing hands.

SCYNEXIS Price Performance

The company has a 50-day moving average price of $0.88 and a 200 day moving average price of $0.87. The firm has a market capitalization of $33.89 million, a PE ratio of -2.02 and a beta of 1.68.

SCYNEXIS (NASDAQ:SCYX) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.09. SCYNEXIS had a negative return on equity of 43.04% and a negative net margin of 599.05%.The business had revenue of $1.36 million for the quarter, compared to the consensus estimate of $0.15 million.

Institutional Investors Weigh In On SCYNEXIS

A number of hedge funds have recently made changes to their positions in SCYX. Bridgeway Capital Management LLC increased its stake in SCYNEXIS by 4.2% during the second quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock worth $248,000 after acquiring an additional 14,689 shares during the last quarter. Millennium Management LLC bought a new stake in SCYNEXIS during the fourth quarter worth approximately $31,000. Jane Street Group LLC bought a new stake in SCYNEXIS during the fourth quarter worth approximately $32,000. Squarepoint Ops LLC bought a new stake in SCYNEXIS during the fourth quarter worth approximately $53,000. Finally, Tabor Asset Management LP bought a new stake in SCYNEXIS during the first quarter worth approximately $181,000. 54.37% of the stock is currently owned by hedge funds and other institutional investors.

SCYNEXIS Company Profile

SCYNEXIS, Inc, a biotechnology company, develops medicines to overcome and prevent difficult-to-treat and drug-resistant infections in the United States. It offers BREXAFEMME for the treatment of patients with vulvovaginal candidiasis (VVC) and recurrent VVC. The company's lead product candidate is Ibrexafungerp, an intravenous drug for the treatment of invasive candidiasis and/or candidemia, refractory invasive fungal infections, invasive aspergillosis, VVC, and recurrent VVC.