Scynexis adds 23% most in over two years as Guggenheim says Buy
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- Scynexis (NASDAQ:SCYX) jumped ~23% in the morning hours Wednesday, marking the sharpest intraday gain since Nov. 2021 after Guggenheim launched its coverage with a Buy rating and an $8 per share target citing the potential of its antifungal treatment Brexafemme.
- In December, the company said that the FDA expanded the labeling for Brexafemme (ibrexafungerp) to include its use against recurrent vulvovaginal candidiasis.
- Guggenheim analyst Vamil Divan projects $185M peak probability-adjusted sales for ibrexafungerp as the company seeks more approvals for the antifungal with multiple pivotal studies in progress.
- Divan points to the Phase 2 SCYNERGIA trial for a therapeutic combination involving ibrexafungerp in invasive pulmonary aspergillosis, which is expected to generate data in H1 2023. He also cites data expected for MARIO, FURI, and CURES Phase 3 trials in H1 2024.
- "Positive results in one or more of these would likely set the stage for ibrexafungerp's potential FDA approval, and we believe market entry in late 2024/early 2025," Divan added.
- In January, Seeking Alpha contributor BiotechValley Insights reaffirmed its Sell rating on Scynexis (SCYX), citing concerns about the Brexafemme uptake.