Guggenheim raised the firm’s price target on Scynexis (SCYX) to $9 from $8 and keeps a Buy rating on the shares following the announcement of a broad collaboration agreement with GlaxoSmithKline (GSK) for Scynexis’ lead antifungal agent, ibrexafungerp. The collaboration deal "meaningfully strengthens" Scynexis’ financial position, provides important external validation to the progress Scynexis is making with ibrexafungerp and "greatly" increases the product’s commercial potential given GSK’s presence in the anti-infective space, the analyst tells investors.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SCYX:
- ‘Lots to like’ about Scynexis post-Q4, GSK deal, says Cantor Fitzgerald
- SCYNEXIS Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update
- Scynexis reports FY22 EPS ($1.47), consensus ($1.52)
- Scynexis price target raised to $10 from $7 at Maxim
- SCYNEXIS Skyrockets on Teaming Up With GSK for Fungal Treatment
