Scribe Therapeutics Inc. (NASDAQ:SCTX) Shares Shorted: Short Interest Up 212.1% in September

Scribe Therapeutics Inc. (NASDAQ:SCTX) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 2,466,931 shares, an increase of 212.1% from the September 15th total of 790,538 shares. Based on an average trading volume of 689,637 shares, the short-interest ratio is presently 3.6 days. Currently, 13.0% of the shares of the company are sold short.

Insider Buying and Selling at Scribe Therapeutics

In other Scribe Therapeutics news, Director Behzad Aghazadeh acquired 7,905 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were purchased at an average price of $18.25 per share, for a total transaction of $144,266.25. Following the completion of the purchase, the director directly owned 3,088,888 shares of the company’s stock, valued at $56,372,206. The trade was a 0.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bio Fund Ii L.P. Ah bought 333,333 shares of Scribe Therapeutics stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of $15.00 per share, with a total value of $4,999,995.00. Following the acquisition, the insider owned 2,385,075 shares of the company’s stock, valued at $35,776,125. The trade was a 16.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 3,727,237 shares of company stock valued at $56,291,746.

Analysts Set New Price Targets

Several brokerages have weighed in on SCTX. Zacks Research raised Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. HC Wainwright initiated coverage on Scribe Therapeutics in a report on Monday, August 31st. They issued a “buy” rating and a $60.00 price objective for the company. Guggenheim assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued 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 target price on the stock. Finally, Wells Fargo & Company initiated coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Stock Performance

SCTX stock traded down $1.55 during midday trading on Tuesday, hitting $19.12. 298,497 shares of the stock traded hands, compared to its average volume of 360,186. The firm has a market capitalization of $361.94 million and a price-to-earnings ratio of -4.98. The company’s fifty day moving average is $26.02. Scribe Therapeutics has a 1-year low of $13.50 and a 1-year high of $39.60.

Scribe Therapeutics (NASDAQ:SCTX) last released its quarterly earnings data 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. Sell-side analysts anticipate that Scribe Therapeutics will post -3.68 EPS for the current year.

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.