H.C. Wainwright Starts SCYNEXIS (SCYX) at Buy

October 20, 2016 7:04 AM EDT
Get Alerts SCYX Hot Sheet
Price: $3.16 -3.66%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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H.C. Wainwright initiates coverage on SCYNEXIS (NASDAQ: SCYX) with a Buy rating and a price target of $14.00.

Analyst Corey Davis commented, " As our title implies, many investors have heard of SCYX, but because the story has taken a while to develop, the stock has been stuck in microcap land. We think this will start to change next year. Systemic invasive fungal infections are very different than more common "yeast" infections, "toenail fungus", or "jock itch", etc., since they most frequently occur in patients already hospitalized, and despite existing therapies, have mortality rates as high as 50% (even with drug treatment). Scynexis has a novel anti-fungal, SCY-078, with very little competition, in an area that desperately needs innovation. It has passed muster in Phase 2 and is entering later stage trials. Its primary advantages include: 1) a novel class; 2) activity against resistant strains; and 3) availability in both IV and oral formulations. We look forward to the next set of results expected by the end of 2017. Assuming it can launch in the 2020 time-frame, we have modeled peak expectations for the drug ~$400-500M."

For an analyst ratings summary and ratings history on SCYNEXIS click here. For more ratings news on SCYNEXIS click here.

Shares of SCYNEXIS closed at $3.64 yesterday.

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