SCYNEXIS (NASDAQ:SCYX) Shares Break Below 200-Day Moving Average – What’s Next?

SCYNEXIS, Inc. (NASDAQ:SCYX)’s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $5.27 and traded as low as $3.75. SCYNEXIS shares last traded at $3.81, with a volume of 39,027 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SCYX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of SCYNEXIS in a research note on Thursday. Guggenheim reissued a “buy” rating and set a $33.00 price objective (up from $24.00) on shares of SCYNEXIS in a research note on Thursday, August 13th. Brookline Capital Markets reissued a “buy” rating on shares of SCYNEXIS in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded shares of SCYNEXIS from a “strong sell” rating to a “hold” rating in a report on Sunday, August 16th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SCYNEXIS presently has a consensus rating of “Hold” and a consensus price target of $33.00.

SCYNEXIS Price Performance

The business has a 50 day moving average price of $4.69 and a 200 day moving average price of $5.25. The stock has a market capitalization of $37.71 million, a PE ratio of -1.81 and a beta of 1.06.

SCYNEXIS (NASDAQ:SCYX) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $1.14. The company had revenue of $0.23 million during the quarter, compared to analysts’ expectations of $0.08 million. On average, equities analysts expect that SCYNEXIS, Inc. will post -1.60 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SCYX. Wealth Effects LLC purchased a new stake in shares of SCYNEXIS during the second quarter valued at approximately $56,000. Empowered Funds LLC bought a new stake in shares of SCYNEXIS during the second quarter valued at approximately $63,000. Velan Capital Investment Management LP purchased a new position in SCYNEXIS in the 2nd quarter worth approximately $163,000. BlackRock Inc. bought a new position in SCYNEXIS in the 2nd quarter valued at approximately $169,000. Finally, Renaissance Technologies LLC boosted its stake in SCYNEXIS by 27.6% during the 1st quarter. Renaissance Technologies LLC now owns 224,640 shares of the company’s stock valued at $206,000 after purchasing an additional 48,640 shares during the last quarter. 54.37% of the stock is owned by hedge funds and other institutional investors.

About SCYNEXIS

SCYNEXIS, Inc is a biotechnology company focused on developing and commercializing medicines for fungal infections. The company’s lead product is BREXAFEMME (ibrexafungerp), an oral, non-azole antifungal approved by the U.S. Food and Drug Administration for the treatment of vulvovaginal candidiasis and for reducing the incidence of recurrent vulvovaginal candidiasis in adult and postmenarchal adolescent females.

Ibrexafungerp is a triterpenoid antifungal that works by inhibiting glucan synthase, an enzyme required for the formation of fungal cell walls.