Guggenheim lowers SCYNEXIS stock price target to $3 after GSK trial resolution

Investing.com - Guggenheim lowered its price target on SCYNEXIS (NASDAQ:SCYX) to $3.00 from $4.00 on Tuesday while maintaining a Buy rating following the company’s resolution with GSK regarding the MARIO trial for ibrexafungerp in invasive candidiasis. The biotech company, currently trading at $0.75 with a market cap of $32.28 million, maintains a broader analyst price target range of $4.00 to $6.00, according to InvestingPro data.

The resolution provides SCYNEXIS with a one-time payment of $22 million, plus an additional $2.3 million to cover activities related to the wind-down of the trial, according to Guggenheim.

GSK remains committed to other aspects of the collaboration, including the commercialization of Brexafemme in vulvovaginal candidiasis (VVC) and refractory VVC, with plans to initiate regulatory discussions with the FDA in 2026 to relaunch Brexafemme in the US market.

The price target reduction primarily reflects the loss of potential milestone payments for ibrexafungerp that were previously factored into Guggenheim’s valuation model.

SCYNEXIS will now focus fully on its next-generation triterpenoid antifungal SCY-247, which has delivered encouraging Phase 1 SAD/MAD data to date, according to the research firm.

In other recent news, SCYNEXIS, Inc. will receive a total of $24.3 million from GlaxoSmithKline (GSK) as part of a resolution related to the Phase 3 MARIO study on invasive candidiasis. This agreement includes a $22 million payment and an additional $2.3 million to cover the wind-down and termination activities of the MARIO study. The study will be terminated, and no further milestone payments will be received from GSK in connection with this trial. In another development, SCYNEXIS announced positive results from a Phase 1 study of its antifungal drug SCY-247. The study focused on the safety, tolerability, and pharmacokinetics of SCY-247 in healthy participants, with no serious or severe adverse events reported. These recent developments highlight ongoing activities and adjustments within SCYNEXIS’s research and partnership endeavors.

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