SCYNEXIS (SCYX) Gets a Buy Rating from Maxim Group

Maxim Group analyst Jason McCarthy maintained a Buy rating on SCYNEXIS (SCYX) yesterday and set a price target of $4. The company’s shares opened today at $1.08.

McCarthy noted:

“Scynexis reported 2Q19 with a net loss of ($8.4M) and ended the period with $35.2M in cash on the balance sheet. Expenses have increased as ibrexafungerp advances in multiple phase 3 studies.”

According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -24.3% and a 21.1% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Hancock Jaffe Laboratories Inc, Aridis Pharmaceuticals Inc, and Achieve Life Sciences Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SCYNEXIS with a $4.42 average price target, a 309.3% upside from current levels. In a report issued on July 31, Aegis Capital also initiated coverage with a Buy rating on the stock with a $3 price target.

See today’s analyst top recommended stocks >>

Based on SCYNEXIS’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $8.4 million. In comparison, last year the company had a GAAP net loss of $10.76 million.

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.