SCYNEXIS (SCYX) PT Lowered to $15 at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen lowered the price target on SCYNEXIS (NASDAQ: SCYX) to $15.00 (from $30.00) while maintaining a Overweight rating.

The analyst commented, "Post a good 3Q22 and ahead of a new path forward for the company, we reiterate our Overweight (OW) rating. Although we like the stock, we are lowering our 12-month Price Target (PT) to $15 from $30 for SCYX shares. We use a DCF analysis to arrive at our new PT. The decrease in our PT is driven by increasing our discount rate to 37.3% from 27.5% before, since we believe there is execution risk to SCYX's new business strategy. This being said, we continue to think that the peak sales potential of ibrexafungerp for the treatment of fungal infections is underappreciated. Therefore, we expect upwards earnings estimate revisions to drive SCYX shares higher as earnings visibility for the company's hospital products improves."

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