After Needham and H.C. Wainwright gave SCYNEXIS (NASDAQ: SCYX) a Buy rating last month, the company received another Buy, this time from WBB Securities. Analyst Stephen Brozak reiterated a Buy rating on SCYNEXIS today and set a price target of $8. The company’s shares closed yesterday at $1.61.
Brozak noted:
“We believe that the recognition of the extent and severity of fungal infections has been extremely beneficial to investor and public understanding of the threat imposed by infectious fungi. SCYX is one of a few companies in a position to bring a treatment for these infections to market in the near future. We are therefore reiterating our Strong Buy rating of SCYX and Reaffirming our 12-month price target of $8.00.”
According to TipRanks.com, Brozak is a 4-star analyst with an average return of 15.4% and a 50.0% success rate. Brozak covers the Healthcare sector, focusing on stocks such as Marker Therapeutics Inc, RedHill Biopharma, and ADMA Biologics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for SCYNEXIS with a $6.30 average price target, implying a 291.3% upside from current levels. In a report issued on April 16, 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 $4 million.
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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.
