Needham Keeps Their Buy Rating on SCYNEXIS (SCYX)

By Austin Angelo

In a report issued on August 8, Alan Carr from Needham maintained a Buy rating on SCYNEXIS (SCYXResearch Report), with a price target of $5. The company’s shares closed on Friday at $1.

According to TipRanks.com, Carr is a 3-star analyst with an average return of 1.8% and a 41.8% success rate. Carr covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Lexicon Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SCYNEXIS with a $4.42 average price target, which is a 342.0% 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.

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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.

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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.