Price Change to Note: Could SCYNEXIS Inc See a Reversal After Having a Gap Up Today?

Price Change to Note: Could SCYNEXIS Inc See a Reversal After Having a Gap Up Today?

The stock of SCYNEXIS Inc (NASDAQ:SCYX) gapped up by $0.07 today and has $12.56 target or 176.00% above today’s $4.55 share price. The 5 months technical chart setup indicates low risk for the $108.55M company. The gap was reported on Oct, 4 by Barchart.com. If the $12.56 price target is reached, the company will be worth $191.05 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 17.57% or $0.68 during the last trading session, hitting $4.55. About 2.12 million shares traded hands or 197.03% up from the average. SCYNEXIS Inc (NASDAQ:SCYX) has declined 7.14% since March 1, 2016 and is downtrending. It has underperformed by 19.36% the S&P500.

Analysts await SCYNEXIS Inc (NASDAQ:SCYX) to report earnings on November, 11.

SCYNEXIS Inc (NASDAQ:SCYX) Ratings Coverage

Out of 5 analysts covering Scynexis Inc (NASDAQ:SCYX), 5 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Scynexis Inc has been the topic of 6 analyst reports since August 20, 2015 according to StockzIntelligence Inc. Needham maintained the shares of SCYX in a report on Thursday, August 20 with “Buy” rating. On Wednesday, August 17 the stock rating was initiated by Guggenheim with “Buy”. The stock has “Buy” rating given by Brean Capital on Monday, March 28. The stock has “Strong Buy” rating given by WBB Securities on Tuesday, December 29. WBB Securities upgraded the shares of SCYX in a report on Tuesday, August 9 to “Buy” rating. On Monday, November 16 the stock rating was maintained by RBC Capital Markets with “Outperform”.

According to Zacks Investment Research, “SCYNEXIS, Inc. is a pharmaceutical company. It is engaged in the discovery, development, and commercialization of anti-infectives to address unmet therapeutic needs. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. It also provides contract research and development services. SCYNEXIS, Inc. is headquartered in Durham, North Carolina.”

Insitutional Activity: The institutional sentiment increased to 1.82 in Q2 2016. Its up 0.02, from 1.8 in 2016Q1. The ratio is positive, as 4 funds sold all SCYNEXIS Inc shares owned while 7 reduced positions. 10 funds bought stakes while 10 increased positions. They now own 13.69 million shares or 61.88% more from 8.46 million shares in 2016Q1.
Blackrock Mngmt Limited Liability Company last reported 0% of its portfolio in the stock. Baker Bros Advisors Lp last reported 467,600 shares in the company. Moreover, Broadfin Capital Lc has 0.31% invested in SCYNEXIS Inc (NASDAQ:SCYX) for 1.48M shares. Awm Investment has 0.06% invested in the company for 125,000 shares. Private Advisor Group Incorporated Limited Liability Company has invested 0.02% of its portfolio in SCYNEXIS Inc (NASDAQ:SCYX). Fmr Ltd Com owns 1.73M shares or 0% of their US portfolio. Moreover, Perceptive Ltd has 0.03% invested in SCYNEXIS Inc (NASDAQ:SCYX) for 175,000 shares. Nomura Hldgs accumulated 0% or 14,000 shares. Blackrock Fund last reported 30,090 shares in the company. Sphera Funds Management accumulated 128,500 shares or 0.07% of the stock. Royal Comml Bank Of Canada reported 4,300 shares or 0% of all its holdings. Moreover, California Pub Employees Retirement Systems has 0% invested in SCYNEXIS Inc (NASDAQ:SCYX) for 200,000 shares. Principal Financial accumulated 202,938 shares or 0% of the stock. Dafna Cap Management Ltd owns 266,904 shares or 0.46% of their US portfolio. Blackrock Institutional Tru Na holds 0% of its portfolio in SCYNEXIS Inc (NASDAQ:SCYX) for 4,201 shares.

Insider Transactions: Since May 19, 2016, the stock had 7 insider buys, and 0 selling transactions for $276,683 net activity. Taglietti Marco also bought $18,758 worth of SCYNEXIS Inc (NASDAQ:SCYX) on Wednesday, May 25. 40,000 shares were bought by Machado Patrick, worth $117,600 on Thursday, September 15. $15,379 worth of shares were bought by HANHAM ANN on Wednesday, May 25. Angulo Gonzalez David also bought $82,159 worth of SCYNEXIS Inc (NASDAQ:SCYX) on Wednesday, June 29.

More recent SCYNEXIS Inc (NASDAQ:SCYX) news were published by: Globenewswire.com which released: “SCYNEXIS, Inc. Receives Orphan Drug Designation for SCY-078 for the Treatment …” on August 24, 2016. Also Finance.Yahoo.com published the news titled: “SCYNEXIS, Inc. to Present at Cantor Fitzgerald’s 2nd Annual Healthcare Conference” on July 06, 2016. Globenewswire.com‘s news article titled: “SCYNEXIS, Inc. to Present at the Ladenburg Thalmann Healthcare Conference” with publication date: September 20, 2016 was also an interesting one.

SCYX Company Profile

SCYNEXIS, Inc., incorporated on November 4, 1999, is a pharmaceutical company, which is engaged in the discovery, development and commercialization of anti-infectives to address unmet therapeutic needs. The Firm is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of several fungal infections, including serious invasive fungal infections. SCY-078 is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo in animal studies against a range of Candida and Aspergillus species, including drug-resistant strains. It also conducts additional in vitro and in vivo studies to further characterize the spectrum of activity of SCY-078. Candida and Aspergillus species are the fungi responsible for all invasive fungal infections in the United States and Europe. The Firm has completed multiple Phase I studies with the oral formulation of SCY-078 and is conducting its first Phase I study with the IV formulation of SCY-078.

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