Guggenheim has initiated coverage on SCYNEXIS Inc (NASDAQ: SCYX) with a Buy rating and a price target of $8.
The anti-infectives space remains out of favor with investors, but SCYNEXIS offers a unique opportunity given that ibrexafungerp is already approved to treat vulvovaginal candidiasis (VVC), and has shown promising early data against more severe invasive infections, writes the analyst.
In October, SCYNEXIS announced a new strategic direction to refocus its resources on the clinical development of ibrexafungerp for severe, hospital-based indications.
The company intended to out-license Brexafemme (ibrexafungerp tablets) VVC and sought a U.S. commercialization partner.
Guggenheim is optimistic about ibrexafungerp showing non-inferiority in the MARIO trial (data expected 1H 2024), establishing ibrexafungerp as the step-down option of choice for fluconazole-resistant invasive candidiasis.
Data from the ongoing FURI and CARES trials (data expected in 1H 2024) would allow for the expansion of ibrexafungerp into refractory fungal infections.
Successful development of an intravenous option is also of interest given the possibility of allowing ibrexafungerp to be used as initial IV therapy and then providing the patient with the same product for oral step-down.
Positive results would likely set the stage for ibrexafungerp's potential FDA approval, with market entry expected in late 2024/early 2025.
Guggenheim estimates peak ibrexafungerp sales of $185 million, driving a significant potential upside to SCYX shares from current levels.
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