.jpg "SCYNEXIS Received its Third Buy in a Row")
After Canaccord Genuity and H.C. Wainwright gave SCYNEXIS (NASDAQ: SCYX) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Jason McCarthy assigned a Buy rating to SCYNEXIS (NASDAQ: SCYX) today and set a price target of $6. The company’s shares opened today at $1.86.
McCarthy observed:
“Organization (WHO) has granted a non-proprietary name to Synexis’ antifungal candidate SCY-078, “ibrexafungerp”. The name includes a new stem “-fungerp” which indicates the class of antifungals. This is significant news not just for the antifungal space.”
According to TipRanks.com, McCarthy is a 5-star analyst with an average return of 12.5% and a 43.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
SCYNEXIS has an analyst consensus of Strong Buy, with a price target consensus of $5.83, a 213.4% upside from current levels. In a report issued on July 11, H.C. Wainwright 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 March 31, the company reported a quarterly GAAP net loss of $4 million. In comparison, last year the company had a GAAP net loss of $4.2 million.
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SCYNEXIS, Inc. engages in the development and commercialization of novel anti-infectives, which addresses the significant unmet therapeutic needs. It develops a novel oral and intravenous drug for several fungal infections, including serious and life-threatening invasive fungal infections.
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