SCYNEXIS (SCYX) Stock Price Up 5.3%

SCYNEXIS, Inc. (NASDAQ:SCYX)’s share price rose 5.3% during mid-day trading on Tuesday . The company traded as high as $2.27 and last traded at $2.17. Approximately 737,700 shares traded hands during trading, an increase of 118% from the average daily volume of 337,666 shares. The stock had previously closed at $2.06.

SCYX has been the subject of a number of recent research reports. ValuEngine lowered shares of SCYNEXIS from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Guggenheim initiated coverage on shares of SCYNEXIS in a research report on Tuesday, October 24th. They set a “buy” rating and a $6.00 price target for the company. Zacks Investment Research raised shares of SCYNEXIS from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a research report on Tuesday, August 29th. Finally, HC Wainwright set a $14.00 price target on shares of SCYNEXIS and gave the stock a “buy” rating in a research report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. SCYNEXIS presently has an average rating of “Buy” and an average target price of $8.43.

The company has a quick ratio of 7.30, a current ratio of 7.30 and a debt-to-equity ratio of 0.43.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of SCYNEXIS by 1.4% during the 1st quarter. Bank of New York Mellon Corp now owns 37,523 shares of the company’s stock worth $103,000 after purchasing an additional 512 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of SCYNEXIS during the 3rd quarter worth approximately $264,000. GSA Capital Partners LLP grew its stake in shares of SCYNEXIS by 33.7% during the 2nd quarter. GSA Capital Partners LLP now owns 176,700 shares of the company’s stock worth $316,000 after purchasing an additional 44,500 shares during the period. National Asset Management Inc. acquired a new stake in shares of SCYNEXIS during the 2nd quarter worth approximately $551,000. Finally, DAFNA Capital Management LLC grew its stake in shares of SCYNEXIS by 32.7% during the 2nd quarter. DAFNA Capital Management LLC now owns 506,900 shares of the company’s stock worth $907,000 after purchasing an additional 125,000 shares during the period. 31.27% of the stock is currently owned by institutional investors and hedge funds.

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About SCYNEXIS

SCYNEXIS, Inc is engaged in the discovery, development and commercialization of anti-infectives. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of several fungal infections, including serious invasive fungal infections. SCY-078 is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo in animal studies against a range of Candida and Aspergillus species, including drug-resistant strains.

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