Buy Rating Affirmed for Scynexis on Robust Financials and Promising Antifungal Pipeline

Analyst Jason McCarthy of Maxim Group maintained a Buy rating on SCYNEXIS (SCYX – Research Report), retaining the price target of $8.00.

Jason McCarthy has given his Buy rating due to a combination of factors including Scynexis’s promising financial outlook and the potential of its antifungal drug pipeline. In the first quarter of 2024, Scynexis reported a net income bolstered by a licensing agreement, and it maintains a solid cash reserve. Furthermore, expected milestone payments from successful clinical trials of its ibrexafungerp (ibrexa) for invasive fungal infections could enhance the company’s financial position.
Additionally, McCarthy’s optimism is fueled by the advancements in the development of SCY-247, a next-generation antifungal with broad-spectrum activity. Preclinical data showcased its efficacy, notably against resistant strains of fungi, and a phase 1 clinical trial is anticipated to commence in the second half of 2024. This positions Scynexis as a potentially significant player in the antifungal market, underpinning McCarthy’s Buy recommendation.

In another report released today, Ladenburg Thalmann & Co. also maintained a Buy rating on the stock with a $7.50 price target.

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SCYNEXIS (SCYX) Company Description:

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. The company was founded by Scot Kevin Huber, Terry Eugene Marquardt, Pierre Bernard Jacques Monnet, Russell J. Outcalt, and Yves Joseph Ribeill on November 4, 1999 and is headquartered in Jersey City, NJ.