SCYNEXIS (SCYX) Skyrockets 134% Year to Date: Here's Why
SCYNEXIS’ SCYX shares have surged 133.6% year to date against the industry's 1.9% decline.
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This can be attributed to an exclusive license agreement with GSK Plc GSK for commercialization and development of Brexafemme (ibrexafungerp), an antifungal tablet.
The agreement, which closed in May, involved SCYNEXIS receiving an upfront payment of $90 million from GSK, along with the potential for $503 million in future performance-based milestones and tiered royalties.
Brexafemme is an approved antifungal treatment for vulvovaginal candidiasis (VVC) and reduction in the incidence of recurrent VVC (RVVC). It was launched in 2021 to treat patients with VVC, commonly known as vaginal yeast infection. The drug was approved for RVCC in December 2022.
The agreement also entitled GSK to develop ibrexafungerp in a phase III MARIO study to potentially treat invasive candidiasis (IC). In June, SCYX received a $25.0 million milestone payment for achieving a development goal in the late-stage study.
The European Medicines Agency had granted Orphan Medicinal Product designation to ibrexafungerp for IC. This designation provides SCYX with additional market exclusivity and expedited regulatory paths.
The deal with GSK has proven to be lucrative year to date. In addition to the milestone payment, SCYNEXIS also achieved $115 million in upfront and milestone payments throughout the exclusive license agreement so far. The late-stage MARIO study also has the potential to receive $10.5 million milestone payment in future on the successful completion of MARIO study.
Ibrexafungerp is progressing in additional geographies as well. In July, the new drug application of ibrexafungerp tablets to treat adult and post-menarchal pediatric females with VVC was accepted by National Medical Products Administration in China.
SCYNEXIS has a licensing agreement with Hansoh Pharma to develop and commercialize ibrexafungerp in the country. If approved, ibrexafungerp will be the first-in-class anti-fungal treatment for VVC in China.
SCYNEXIS, Inc. Price and Consensus
SCYNEXIS, Inc. price-consensus-chart | SCYNEXIS, Inc. Quote
Zacks Rank & Stocks to Consider
SCYNEXIS currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the same industry are Corcept Therapeutics CORT and Annovis Bio ANVS, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for Corcept’s earnings has gone up from 62 cents per share to 78 cents for 2023. The bottom-line estimate has also improved from 61 cents to 83 cents for 2024 during the same time frame. Shares of the company have rallied 62.9% year to date.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
In the past 90 days, the Zacks Consensus Estimate for Annovis Bio has narrowed from a loss of $4.89 per share to a loss of $4.38 for 2023. The bottom-line estimate has narrowed from a loss of $3.18 to $2.77 for 2024 during the same time frame. Shares of the company have lost 8.1% year to date.
ANVS’ earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 13.40%.
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