Needham Sticks to Their Buy Rating for SCYNEXIS (SCYX)

By Carrie Williams

In a report issued on May 10, 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 $1.49.

Carr said:

“Scynexis reported 1Q19 financial results this wk and we spoke w/ mgmt for an update. Enrollment in ibrexafungerp Phase 3 VANISH program in Acute Vulvovaginal Candidiasis (VVC) is progressing and mgmt reiterated guidance for top-line results in 1H20. Phase 3 CANDLE trial in Recurrent VVC is expected to start in 2Q19 (unch). Reiterate BUY. We believe commercial opportunity in VVC is substantially underappreciated by investors given there are no oral options for pts w/ poor response to standard of care oral fluconazole. Recent encouraging data from FURI and CARES trials demonstrating impressive activity against challenging infections (including tied to C. auris) enhances overall profile.”

According to, Carr is a 4-star analyst with an average return of 4.6% and a 44.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

Currently, the analyst consensus on SCYNEXIS is a Strong Buy with an average price target of $6.25, implying a 319.5% upside from current levels. In a report issued on May 9, Ladenburg also maintained a Buy rating on the stock with a $6 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.

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.

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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.