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

Key Points

• Short interest surged 212.1% to 2.47 million shares as of September 30, representing approximately 13% of Scribe Therapeutics’ outstanding stock and 3.6 days of average trading volume.
• Insiders made substantial purchases, acquiring 3.73 million shares worth approximately $56.3 million over the past three months, including a $36.1 million purchase by director Behzad Aghazadeh.
• Analyst sentiment remains positive, with four Buy ratings and one Hold rating, a “Moderate Buy” consensus, and a $51.75 average price target. The stock recently opened at $21.17, while its latest quarterly loss of $3.84 per share was better than expected despite below-consensus revenue.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) saw a significant growth in short interest during the month of 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. Approximately 13.0% of the company's stock are sold short. Based on an average daily volume of 689,637 shares, the short-interest ratio is currently 3.6 days.

Insider Activity at Scribe Therapeutics

In related news, CFO David Parrot acquired 2,666 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were bought at an average price of $15.00 per share, with a total value of $39,990.00. Following the completion of the acquisition, the chief financial officer owned 1,333 shares in the company, valued at $19,995. This trade represents a -200.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Behzad Aghazadeh acquired 2,383,333 shares of the business's stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $15.15 per share, for a total transaction of $36,107,494.95. Following the acquisition, the director owned 3,080,983 shares of the company's stock, valued at $46,676,892.45. This represents a 341.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 3,727,237 shares of company stock valued at $56,291,746.

Analyst Ratings Changes

A number of research analysts recently commented on SCTX shares. Wells Fargo & Company assumed coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an "overweight" rating and a $60.00 target price on the stock. HC Wainwright started coverage on shares of Scribe Therapeutics in a research note on Monday, August 31st. They set a "buy" rating and a $60.00 price target on the stock. Leerink Partners initiated coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an "outperform" rating and a $37.00 price target for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a "hold" rating in a research note on Saturday, August 1st. Finally, Zacks Research upgraded shares of Scribe Therapeutics to a "hold" rating in a research note on Tuesday, September 1st. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $51.75.

Scribe Therapeutics Price Performance

NASDAQ:SCTX opened at $21.17 on Monday. The stock's 50 day moving average price is $26.03. The stock has a market cap of $400.79 million and a P/E ratio of -5.51. Scribe Therapeutics has a 52-week low of $13.50 and a 52-week high of $39.60.

Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) last issued 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. Equities research analysts predict that Scribe Therapeutics will post -3.68 EPS for the current fiscal year.

Scribe Therapeutics Company Profile

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.

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