Why Are Antifungal Focused Scynexis Stock Plunging Today?
Portfolio Pulse from Vandana Singh
Scynexis Inc (NASDAQ:SCYX) is recalling its antifungal pill, Brexafemme, and placing a hold on clinical studies due to the risk of cross-contamination with a potential allergy-inducing compound. This has led to a 34.40% drop in SCYX shares. In March, GSK plc (NYSE:GSK) and Scynexis entered an exclusive license agreement for Brexafemme.
September 25, 2023 | 3:53 pm
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NEUTRAL IMPACT
GSK plc has an exclusive license agreement with Scynexis for Brexafemme.
While GSK has a license agreement with Scynexis, the news does not directly indicate any impact on GSK's stock price.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Scynexis's recall of its antifungal pill and the halt of clinical studies has led to a significant drop in its stock price.
The recall of a product and halt of clinical studies is a significant negative event for a pharmaceutical company, leading to a drop in stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100