.jpg "SCYNEXIS (NASDAQ: 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 on Friday at $1.50.
McCarthy noted:
“Scynexis reported FY18 with operating expenses of $30.2M and a net loss of ($12.5M). The company ended the period with $44.2M in cash, excluding the sale of a portion of its business, and tax net operating losses (NOLs) in $6.7M, netting a pro forma cash balance of $51M in January. Scynexis also completed the sale of a $16.0M convertible note to March, which the company used to retire in full a previous term loan, strengthening its balance sheet further. Combined, Scynexis has runway at the current burn rate through key catalysts, including the NDA submission of ibrexafungerp for acute vulvovaginal candidiasis (VVC) in 2H20.”
According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -2.6% and a 34.7% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Actinium Pharmaceuticals, Inovio Pharmaceuticals, and Vertex Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for SCYNEXIS with a $6.33 average price target, a 322.0% upside from current levels. In a report issued on March 15, Needham also maintained a Buy rating on the stock with a $5 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 $7.59 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.
