Jason McCarthy, an analyst from Maxim Group, maintained the Buy rating on SCYNEXIS. The associated price target remains the same with $4.00.
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Jason McCarthy has given his Buy rating due to a combination of factors related to SCYNEXIS’s promising antifungal candidate, SCY-247. The company is poised to present six sessions, including an oral presentation, at the upcoming Congress on Trends in Medical Mycology, highlighting the potential of SCY-247. This new triterpenoid class antifungal shows broad-spectrum activity against drug-resistant strains of Candida and Aspergillus, which are significant concerns in the medical community due to limited treatment options and high mortality rates associated with invasive fungal infections.
SCY-247’s fungicidal properties, as opposed to fungistatic, enhance its potential efficacy, and its structural improvements over ibrexafungerp suggest a better drug-drug interaction profile. This is particularly important in cancer treatment settings where antifungal prophylaxis is crucial. The anticipated Phase 1 data release and the drug’s dual IV/oral administration route further support its potential as a step-down therapy, making SCY-247 a compelling candidate in the antifungal market.
SCYX’s price has also changed slightly for the past six months – from $0.942 to $0.868, which is a -7.86% drop .