Scribe Therapeutics Inc. (NASDAQ:SCTX) Sees Large Decrease in Short Interest

Scribe Therapeutics Inc. (NASDAQ:SCTX) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 1,118,447 shares, a decline of 54.7% from the September 30th total of 2,466,931 shares. Approximately 5.9% of the shares of the company are short sold. Based on an average daily volume of 474,424 shares, the short-interest ratio is presently 2.4 days.

Scribe Therapeutics Stock Down 4.7%

Shares of SCTX opened at $16.72 on Friday. Scribe Therapeutics has a 1 year low of $13.50 and a 1 year high of $39.60. The firm’s 50 day moving average price is $24.45. The stock has a market capitalization of $316.54 million and a P/E ratio of -1.54.

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Guggenheim initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $50.00 target price on the stock. Leerink Partners initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price objective on the stock. Wells Fargo & Company initiated coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price objective for the company. Finally, HC Wainwright started coverage on Scribe Therapeutics in a research report on Monday, August 31st. They issued a “buy” rating and a $60.00 target price for the company. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer CRISPR systems for improved precision, efficiency, delivery and safety in therapeutic applications.

Scribe’s research has included gene-editing approaches intended to address genetic and other serious diseases, with potential applications in areas such as neurology and immunology. Its technology portfolio is based on proprietary CRISPR systems and related delivery and editing capabilities, and the company has pursued collaborations with pharmaceutical and biotechnology partners.

Scribe Therapeutics was founded in 2018 and is headquartered in Alameda, California.