Scribe Therapeutics Inc. (NASDAQ:SCTX) Stock Short Interest Report for September

Scribe Therapeutics Inc. (NASDAQ:SCTX) was the target of a large growth in short interest in September. As of September 30th, there was short interest totaling 2,466,931 shares, a growth of 212.1% from the September 15th total of 790,538 shares. Based on an average daily volume of 689,637 shares, the days-to-cover ratio is currently 3.6 days. Approximately 13.0% of the company’s stock are sold short.

Scribe Therapeutics Stock Down 7.5%

NASDAQ SCTX opened at $19.12 on Wednesday. Scribe Therapeutics has a 1-year low of $13.50 and a 1-year high of $39.60. The company has a 50 day moving average price of $25.97.

Scribe Therapeutics (NASDAQ:SCTX) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($6.20) by $2.36. The firm had revenue of $1.92 million during the quarter, compared to analysts’ expectations of $3.10 million. On average, equities research analysts expect that Scribe Therapeutics will post -3.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on SCTX. Guggenheim assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $50.00 price target for the company. Zacks Research upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Wells Fargo & Company began coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price objective on the stock. HC Wainwright started coverage on shares of Scribe Therapeutics in a research report on Monday, August 31st. They set a “buy” rating and a $60.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Insider Activity

In related news, Director Carl L. Gordon bought 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the transaction, the director directly owned 1,348,825 shares of the company’s stock, valued at approximately $20,232,375. This represents a 286.68% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Behzad Aghazadeh acquired 7,905 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were purchased at an average cost of $18.25 per share, for a total transaction of $144,266.25. Following the acquisition, the director owned 3,088,888 shares of the company’s stock, valued at approximately $56,372,206. The trade was a 0.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 3,727,237 shares of company stock valued at $56,291,746 over the last quarter.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based gene-editing technologies and therapeutic applications. Its work centers on engineering gene-editing systems designed to improve precision, delivery and performance for potential use in the treatment of human disease.

The company’s platform is intended to support the development of therapies that can modify genetic material in targeted cells. Scribe Therapeutics has also pursued research collaborations and partnerships aimed at applying its gene-editing technology across multiple therapeutic areas.

Scribe Therapeutics is based in the United States and has operated as a privately held biotechnology company.