Maxim Group Keeps Their Buy Rating on SCYNEXIS (SCYX)

Maxim Group analyst Jason McCarthy maintained a Buy rating on SCYNEXIS (SCYX) today and set a price target of $4. The company’s shares closed yesterday at $1.59.

McCarthy observed:

“Scynexis reported 1Q19 with a net loss of ($22M) which included non-cash fair value adjustments of ($9.9M), as well as a milestone payment related to initiation of the phase 3 VVC study. The company ended the period with $39.1M in cash on the balance sheet.”

According to TipRanks.com, McCarthy has currently no stars on a ranking scale of 0-5 stars, with an average return of -10.6% and a 28.5% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SCYNEXIS with a $6.25 average price target, implying a 293.1% upside from current levels. In a report released today, Ladenburg also maintained a Buy rating on the stock with a $6 price target.

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Based on SCYNEXIS’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $1.94 million. In comparison, last year the company had a GAAP net loss of $4 million.

Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SCYX in relation to earlier this year.

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SCYNEXIS, Inc. is a biotechnology company, which engages in the development of novel oral and intravenous triterpenoid antifungal for the treatment of several serious fungal infections, including vulvovaginal candidiasis, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections.