Short Interest in Scribe Therapeutics Inc. (NASDAQ:SCTX) Rises By 173.3%

by · The Cerbat Gem

Scribe Therapeutics Inc. (NASDAQ:SCTX – Get Free Report) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 778,191 shares, an increase of 173.3% from the August 15th total of 284,711 shares. Based on an average daily trading volume, of 295,438 shares, the days-to-cover ratio is currently 2.6 days. Currently, 4.1% of the company’s shares are short sold.

Scribe Therapeutics Price Performance

Shares of NASDAQ:SCTX opened at $29.42 on Tuesday. Scribe Therapeutics has a 12 month low of $17.31 and a 12 month high of $39.60.

Scribe Therapeutics (NASDAQ:SCTX – Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.20) by $2.36. The company had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. On average, analysts expect that Scribe Therapeutics will post -3.68 earnings per share for the current year.

Insider Buying and Selling at Scribe Therapeutics

In related news, CFO David Parrot bought 2,666 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was bought at an average cost of $15.00 per share, for a total transaction of $39,990.00. Following the transaction, the chief financial officer owned 1,333 shares of the company’s stock, valued at $19,995. This represents a -200.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Behzad Aghazadeh acquired 2,383,333 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were purchased at an average price of $15.15 per share, with a total value of $36,107,494.95. Following the acquisition, the director owned 3,080,983 shares of the company’s stock, valued at approximately $46,676,892.45. This trade represents a 341.62% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 3,727,237 shares of company stock valued at $56,291,746 in the last three months.

Analyst Ratings Changes

SCTX has been the topic of a number of recent analyst reports. Wells Fargo & Company started coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price target on the stock. Leerink Partners initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective on the stock. HC Wainwright started coverage on Scribe Therapeutics in a report on Monday, August 31st. They set a “buy” rating and a $60.00 target price on the stock. Guggenheim started coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $50.00 target price for the company. Finally, Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.75.

View Our Latest Research Report on SCTX

About Scribe Therapeutics

(Get Free Report)

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.

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