Needham & Company Starts SCYNEXIS (SCYX) at Buy, $16 PT

Needham & Company initiates coverage on SCYNEXIS (NASDAQ: SCYX) with a Buy rating and a price target of $16.00.

Analyst Alan Carr commented, "The company initiated Phase 2 development of SCY-078 in Invasive Candidiasis in early 2015. Management has guided for top-line results in 1H16. We assume commercialization in the U.S. in 2019. Key areas of differentiation include a novel class (enfumafungin) and both IV and oral formulations. There are a modest number of drugs available for the treatment of invasive fungal infections and only a subset (azole class) have the flexibility of IV and oral administration. Resistance to the widely used azoles, however, is a growing concern. SCY-078 appears to have generally comparable efficacy to that of echinocandins, which are used for more serious invasive infections, but are only available via IV."

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 $8.75 yesterday.

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