SCYNEXIS (NASDAQ:SCYX) Stock Passes Below 200 Day Moving Average – Here’s Why

Shares of SCYNEXIS, Inc. (NASDAQ:SCYX) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.78 and traded as low as $0.6208. SCYNEXIS shares last traded at $0.6270, with a volume of 235,170 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SCYX shares. Wall Street Zen raised shares of SCYNEXIS to a “hold” rating in a research report on Saturday, October 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SCYNEXIS in a research note on Monday. Finally, Guggenheim cut their target price on shares of SCYNEXIS from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, October 28th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.00.

SCYNEXIS Price Performance

The firm’s fifty day moving average is $0.67 and its 200 day moving average is $0.78. The firm has a market capitalization of $26.32 million, a price-to-earnings ratio of -1.23 and a beta of 1.37.

SCYNEXIS (NASDAQ:SCYX) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. The firm had revenue of $0.33 million for the quarter, compared to analyst estimates of $0.15 million. SCYNEXIS had a negative net margin of 862.89% and a negative return on equity of 60.54%.

Institutional Trading of SCYNEXIS

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in SCYNEXIS by 6.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,762,322 shares of the company’s stock worth $1,357,000 after purchasing an additional 105,600 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of SCYNEXIS by 4.2% in the 2nd quarter. Bridgeway Capital Management LLC now owns 368,180 shares of the company’s stock valued at $248,000 after buying an additional 14,689 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of SCYNEXIS in the 2nd quarter valued at approximately $27,000. GSA Capital Partners LLP increased its holdings in SCYNEXIS by 95.2% in the third quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after buying an additional 50,916 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in SCYNEXIS during the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 54.37% of the company’s stock.

SCYNEXIS Company Profile

SCYNEXIS, Inc is a late‐stage biopharmaceutical company focused on developing and commercializing novel anti‐infective therapies. Headquartered in Jersey City, New Jersey, the company’s primary research and development efforts center on combating invasive and chronic fungal infections, an area of high unmet medical need. SCYNEXIS’s scientific platform is built around its proprietary triterpenoid class of antifungals, which are designed to address resistance and safety limitations associated with existing treatments.

The company’s lead product candidate, ibrexafungerp, represents the first oral glucan synthase inhibitor to reach clinical development.