SCYNEXIS Inc (SCYX) Sees Large Growth in Short Interest

SCYNEXIS Inc (NASDAQ:SCYX) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,579,870 shares, a growth of 27.7% from the January 15th total of 1,237,188 shares. Based on an average daily trading volume, of 3,201,647 shares, the days-to-cover ratio is currently 0.5 days. Approximately 3.5% of the shares of the stock are short sold.

A number of hedge funds have recently added to or reduced their stakes in SCYX. BlackRock Inc. increased its holdings in SCYNEXIS by 61.5% during the 2nd quarter. BlackRock Inc. now owns 180,751 shares of the company’s stock valued at $296,000 after purchasing an additional 68,830 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in SCYNEXIS during the 2nd quarter valued at $190,000. Northern Trust Corp increased its stake in shares of SCYNEXIS by 132.7% in the 2nd quarter. Northern Trust Corp now owns 116,079 shares of the company’s stock valued at $190,000 after buying an additional 66,193 shares during the period. Private Advisor Group LLC acquired a new stake in shares of SCYNEXIS in the 3rd quarter valued at $240,000. Finally, Stonepine Capital Management LLC acquired a new stake in shares of SCYNEXIS in the 3rd quarter valued at $539,000. 41.53% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently commented on the company. Zacks Investment Research downgraded SCYNEXIS from a “buy” rating to a “hold” rating in a research report on Friday, February 8th. Brookline Capital Management restated a “buy” rating on shares of SCYNEXIS in a research report on Friday, January 4th. ValuEngine downgraded SCYNEXIS from a “buy” rating to a “hold” rating in a research report on Tuesday, December 25th. Finally, Maxim Group set a $4.00 target price on SCYNEXIS and gave the stock a “buy” rating in a research report on Tuesday, November 13th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. SCYNEXIS currently has an average rating of “Buy” and an average price target of $4.78.

SCYX stock opened at $1.39 on Thursday. SCYNEXIS has a fifty-two week low of $0.35 and a fifty-two week high of $2.15. The firm has a market cap of $63.80 million, a P/E ratio of -1.38 and a beta of 2.28. The company has a quick ratio of 4.53, a current ratio of 4.53 and a debt-to-equity ratio of 0.27.

SCYNEXIS (NASDAQ:SCYX) last released its quarterly earnings results on Tuesday, November 13th. The company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.18. SCYNEXIS had a negative return on equity of 102.52% and a negative net margin of 8,592.97%. The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.06 million. As a group, equities research analysts expect that SCYNEXIS will post -0.51 EPS for the current fiscal year.

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About SCYNEXIS

SCYNEXIS, Inc, a drug development company, develops and commercializes anti-infectives to address unmet therapeutic needs. It is developing its lead product candidate, SCY-078, as a novel oral and intravenous drug for the treatment of various fungal infections, including serious and life-threatening invasive fungal infections.

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