Shares in SCYNEXIS Inc (NASDAQ:SCYX) closed at $4.80, up 6.90%, on Wednesday.
Volume traded was 1.09 million shares, and technically, the stock has broken out of a nice saucer pattern on the weekly chart.
The rise may have something to do with the Buy rating assigned to the stock by analysts at Brean Capital after they initiated coverage on the stock on October 3.
Brean Capital analysts are assuming a target price of $16, which means the stock could more than triple from here on.
However, today the stock is already up nearly 24% in pre-market trading at $5.95.
SCYNEXIS Inc (NASDAQ:SCYX) announces today positive results from two studies of its oral SCY-078
The company announced today the complete results of its Phase II studies of oral SCY-078 in patients with vulvovaginal candidiasis (VVC).
“We are delighted with these positive results that support the concept that a fungicidal product with high tissue penetration like SCY-078 could yield superior clinical outcomes,” said David Angulo, M.D., Chief Medical Officer of SCYNEXIS. “We identified a well-tolerated oral dose that achieves our target exposure in invasive candidiasis patients, and further confirmed the antifungal activity of oral SCY-078 in two independent human models of Candida infections. These results support our planned development of SCY-078 as the first drug in a novel antifungal class for the treatment of a broad range of fungal infections with growing unmet medical needs.”
SCYNEXIS Inc (NASDAQ:SCYX) also announces new term loan of $15 million
The company also raised $15 million as a term loan from Solar Capital, which the latter described as a “financing partnership” that would enable Scynexis to expand its pipeline of indications for SCY-078.
The tenure of the loan is four years and interest payable is LIBOR + 8.49%.
The company estimates that as at end-September, it had cash and cash equivalents aggregating $58.4 million, including the aforesaid term loan.