Maxim raised the firm’s price target on Scynexis to $10 from $7 and keeps a Buy rating on the shares. The analyst cites the company’s announcement of an exclusive agreement with GlaxoSmithKline (GSK) to commercialize Brexafemme, or ibrexafungerp, and further develop ibrexafungerp in additional indications, for which late-stage programs are currently ongoing. The deal brings in an upfront payment of $90M plus potential milestone payments and tiered royalties totaling up to $503M, and the news is a "significant positive" as it serves as further demonstration of management’s ability to execute, Maxim adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on SCYX:
- SCYNEXIS Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update
- SCYNEXIS Skyrockets on Teaming Up With GSK for Fungal Treatment
- Scynexis, GSK announce exclusive agreement to commercialize, develop Brexafemme
- GSK and SCYNEXIS Announce an Exclusive Agreement to Commercialise and Further Develop Brexafemme (ibrexafungerp), a Novel, First-in-Class Medicine to Treat Fungal Infection
- Cantor reiterates Overweight ratings on anti-fungal stocks Cidara, Scynexis