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

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

Scribe Therapeutics Stock Performance

Shares of SCTX stock opened at $29.74 on Friday. Scribe Therapeutics has a 1 year low of $17.31 and a 1 year high of $39.60.

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Scribe Therapeutics news, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $4,999,995.00. Following the completion of the purchase, the insider directly owned 2,385,075 shares in the company, valued at $35,776,125. This represents a 16.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carl Gordon acquired 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the director directly owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 3,727,237 shares of company stock valued at $56,291,746 over the last 90 days.

About Scribe Therapeutics

Scribe Therapeutics Inc is a clinical-stage biotechnology company engineering CRISPR-based technologies into purpose-built in vivo genetic medicines designed to become standard of care treatments for patients suffering from highly prevalent diseases, starting with cardiometabolic disease. Scribe Therapeutics Inc is based in ALAMEDA, Calif.