UPDATE: Brean Capital Assumes SCYNEXIS (SCYX) at Buy
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(Updated - October 3, 2016 9:49 AM EDT)
Brean Capital assumed coverage on SCYNEXIS (NASDAQ: SCYX) with a Buy rating and a price target of $16. Analyst Difei Yang is bullish on lead product candidate, SCY-078.
"Throughout the clinical trial process, SCY-078 has showed potent and broad spectrum anti-fungal activity, importantly against echinocandinresistant strains, and a promising safety profile. We expect US and EU launches for IC and IA indications in 2019 and 2020 respectively, as well as a 2020 launch for SCY-078 vs. vulvovaginal candidiasis (VVC). In the interim, investors should look to the FDA meeting, anticipated in 4Q16/1Q17, the initiation of a Phase 3 trial for refractory invasive fungal infections (rIFI) in 4Q16, as well as to the anticipated 1Q17 initiation of the Phase II IC study with top-line data from both expected in 4Q17. We see peak year revenue in the $300 million range with better-than-average success in product development. As such, we assume coverage with a BUY rating and $16 TP."
Shares of SCYNEXIS closed at $3.87 yesterday.
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