SCYNEXIS (SCYX) Received its Third Buy in a Row

After Maxim Group and Needham gave SCYNEXIS (NASDAQ: SCYX) a Buy rating last month, the company received another Buy, this time from Ladenburg. Analyst Michael Higgins maintained a Buy rating on SCYNEXIS today and set a price target of $6. The company’s shares closed yesterday at $1.23.

Higgins commented:

“We encourage investors to acquire SCYX shares at these levels, where we find the stock’s retracement is not supported by the fundamentals. Earlier this year we saw ibrexafungerp’s powerful efficacy on display when it demonstrated resolution or improvement of otherwise intractable fungal infections as the first interim release from Scynexis’ ongoing FURI study were released. Ibrexafungerp’s activity was also highlighted by the lay press and biotech news outlets following the New York Times’ story on the inability of current antifungals to adequately address the increasing prevalence of hospital-based C. auris infections. Apparently over the last six weeks SCYX shares have lost their steam. Since its recent peak (April 11, $1.85/share), just six weeks ago, SCYX shares have lost 33.5% on lowered trading volume (vs.”

According to TipRanks.com, Higgins is ranked 0 out of 5 stars with an average return of -6.0% and a 30.6% success rate. Higgins covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals Inc, Achieve Life Sciences Inc, and Melinta Therapeutics Inc.

SCYNEXIS has an analyst consensus of Strong Buy, with a price target consensus of $6.25, implying a 408.1% upside from current levels. In a report issued on May 9, Maxim Group also maintained a Buy rating on the stock with a $4 price target.

See today’s analyst top recommended stocks >>

Based on SCYNEXIS’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $22.91 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.