SCYNEXIS, Inc. (NASDAQ:SCYX) Sees Significant Drop in Short Interest

SCYNEXIS, Inc. (NASDAQ:SCYX) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totaling 320,181 shares, a decline of 87.6% from the May 31st total of 2,578,236 shares. Approximately 3.4% of the shares of the company are sold short. Based on an average trading volume of 64,478 shares, the short-interest ratio is currently 5.0 days.

SCYNEXIS Price Performance

Shares of NASDAQ SCYX traded up $0.04 during trading on Friday, hitting $3.85. 49,093 shares of the company were exchanged, compared to its average volume of 74,358. SCYNEXIS has a 1 year low of $3.68 and a 1 year high of $10.48. The company has a market cap of $38.23 million, a price-to-earnings ratio of -1.00 and a beta of 1.05. The firm’s fifty day moving average price is $5.85 and its 200 day moving average price is $6.02.

SCYNEXIS (NASDAQ:SCYX) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.32). SCYNEXIS had a negative net margin of 41.79% and a negative return on equity of 57.16%. On average, research analysts forecast that SCYNEXIS will post -1.6 earnings per share for the current year.

Institutional Investors Weigh In On SCYNEXIS

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC purchased a new stake in shares of SCYNEXIS during the 2nd quarter worth approximately $27,000. Bridgeway Capital Management LLC increased its stake in 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 purchasing an additional 14,689 shares in the last quarter. Vanguard Group Inc. increased its stake in SCYNEXIS by 6.4% in the 3rd 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 in the last quarter. GSA Capital Partners LLP raised its holdings in SCYNEXIS by 95.2% during the third quarter. GSA Capital Partners LLP now owns 104,423 shares of the company’s stock worth $80,000 after purchasing an additional 50,916 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in SCYNEXIS by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 449,223 shares of the company’s stock worth $284,000 after purchasing an additional 29,775 shares during the last quarter. 54.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on SCYX shares. reaffirmed a “buy” rating on shares of SCYNEXIS in a report on Monday, March 9th. Weiss Ratings upgraded shares of SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. Finally, Wall Street Zen lowered SCYNEXIS from a “buy” rating to a “sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $24.00.

About SCYNEXIS

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.