This seems to be a perfectly ordinary name for a variable star:
V* - Variable star
RY - 16th discovered [^]
Sex - in the constellation Sextans
[^]: The numbering is a bit strange, it starts at R and goes R, S, T, ..., X, Y, Z, RR, RS, RT and so on. [Edit: I originally did the math completely wrong and said that this was the 50th.]For more details: https://en.wikipedia.org/wiki/Variable_star_designation