SCYNEXIS (NASDAQ:SCYX) Share Price Passes Below 200 Day Moving Average – Time to Sell?

SCYNEXIS, Inc. (NASDAQ:SCYX) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.75 and traded as low as $0.70. SCYNEXIS shares last traded at $0.7110, with a volume of 258,042 shares.

Analysts Set New Price Targets

Several research analysts recently issued reports on SCYX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SCYNEXIS in a research report on Monday, December 29th. Wall Street Zen upgraded SCYNEXIS to a “hold” rating in a research note on Saturday, October 25th. Finally, Guggenheim cut their price objective on shares of SCYNEXIS from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Tuesday, October 28th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $3.00.

SCYNEXIS Stock Down 4.0%

The firm has a market cap of $29.84 million, a PE ratio of -1.39 and a beta of 1.34. The company has a 50-day simple moving average of $0.66 and a two-hundred day simple moving average of $0.75.

SCYNEXIS (NASDAQ:SCYX) last released its earnings results on Wednesday, November 5th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The company had revenue of $0.33 million for the quarter, compared to analysts’ expectations of $0.15 million. SCYNEXIS had a negative return on equity of 60.54% and a negative net margin of 862.89%.

Institutional Investors Weigh In On SCYNEXIS

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