Scynexis Q2 swings to profit on warrant adjustment; advances drug studies

The average analyst rating on the shares is buy, with 3 recommendations of strong buy or buy, and no hold, sell, or strong sell ratings.

The average consensus recommendation for the pharmaceuticals peer group is buy. Wall Street's median 12-month price target for Scynexis Inc is $32.00, about 510.7% above its August 7 closing price of $5.24.

Research and development expenses fell 46% year over year, which Scynexis said was mainly due to lower chemistry, manufacturing and controls, preclinical, and clinical costs.

Operating expenses in the quarter were $8.01 million. The company said its current cash position is expected to fund operations into 2029.

Scynexis reported second-quarter license agreement revenue of $235,000, sharply lower year over year, and posted net income of $7.40 million, or $0.63 basic earnings per share.