In a report released today, Alan Carr from Needham maintained a Buy rating on SCYNEXIS (NASDAQ: SCYX), with a price target of $5. The company’s shares opened today at $1.42.
Carr said:
“Scynexis released 2Q18 financial results yesterday and we spoke w/ mgmt for an update. The oral SCY-078 program in Vulvovaginal Candidiasis (VVC) remains on track for Phase 3 initiation in 4Q18 and mgmt reiterated guidance for NDA submission in 2020. The IV SCY-078 program, however, continues to face challenges. The company announced last night that infusion reactions were observed w/ the new liposomal formulation in preclinical studies. It is unclear whether or when the matter will be resolved. Regardless, we had previously removed revenues tied to the IV formulation from our model in early 2017 when the issue arose w/ an older formulation. We encourage investors to focus on the oral formulation of an attractive commercial opportunity w/ minimal competitive development. BUY.”
According to TipRanks.com, Carr is a 3-star analyst with an average return of 3.6% and a 41.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.
SCYNEXIS has an analyst consensus of Strong Buy, with a price target consensus of $5.80, representing a 308.5% upside. In a report released today, Maxim Group also maintained a Buy rating on the stock with a $6 price target.
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The company has a one-year high of $2.50 and a one-year low of $1.05. Currently, SCYNEXIS has an average volume of 725.2K.
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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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