SCYNEXIS (NASDAQ:SCYX) Stock Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

SCYNEXIS, Inc. (NASDAQ:SCYX) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.81 and traded as low as $5.22. SCYNEXIS shares last traded at $5.23, with a volume of 40,891 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Weiss Ratings upgraded SCYNEXIS from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 24th. Wall Street Zen upgraded SCYNEXIS from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 16th. Guggenheim reiterated a “buy” rating and issued a $33.00 target price (up from $24.00) on shares of SCYNEXIS in a report on Thursday, August 13th. Finally, Brookline Capital Markets reaffirmed a “buy” rating on shares of SCYNEXIS in a research report on Friday, July 31st. 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 MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $33.00.

SCYNEXIS Stock Up 1.7%

The company’s 50 day moving average price is $4.64 and its 200 day moving average price is $5.80. The firm has a market capitalization of $52.34 million, a price-to-earnings ratio of -2.52 and a beta of 1.11.

SCYNEXIS (NASDAQ:SCYX) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $1.14. SCYNEXIS had a negative return on equity of 44.15% and a negative net margin of 41.79%.The business had revenue of $0.23 million during the quarter, compared to analysts’ expectations of $0.08 million. As a group, analysts expect that SCYNEXIS, Inc. will post -1.6 earnings per share for the current year.

Hedge Funds Weigh In On SCYNEXIS

A number of large investors have recently added to or reduced their stakes in SCYX. Jane Street Group LLC purchased a new position in SCYNEXIS during the second quarter valued at $27,000. Wealth Effects LLC purchased a new position in shares of SCYNEXIS in the second quarter valued at approximately $56,000. Empowered Funds LLC purchased a new stake in shares of SCYNEXIS during the second quarter worth $63,000. Velan Capital Investment Management LP acquired a new stake in SCYNEXIS in the 2nd quarter valued at about $163,000. Finally, BlackRock Inc. purchased a new stake in shares of SCYNEXIS in the second quarter valued at approximately $169,000. 54.37% of the stock is currently owned by institutional investors and hedge funds.

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.