Scribe Therapeutics Inc. (NASDAQ:SCTX) Short Interest Update

Scribe Therapeutics Inc. (NASDAQ:SCTX) was the target of a large growth in short interest during 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. Currently, 4.1% of the shares of the company are short sold.

Insider Activity

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 stock was bought at an average cost of $18.25 per share, with a total value of $144,266.25. Following the completion of the transaction, the director directly owned 3,088,888 shares in the company, valued at approximately $56,372,206. This represents a 0.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David Parrot acquired 2,666 shares of Scribe Therapeutics stock in a transaction on Thursday, July 23rd. The shares were bought at an average cost of $15.00 per share, with a total value of $39,990.00. Following the completion of the transaction, the chief financial officer owned 1,333 shares of the company’s stock, valued at approximately $19,995. This trade represents a -200.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 3,727,237 shares of company stock valued at $56,291,746.

Scribe Therapeutics Stock Down 1.1%

Shares of NASDAQ:SCTX traded down $0.32 during trading on Monday, reaching $29.42. The stock had a trading volume of 136,981 shares, compared to its average volume of 236,869. Scribe Therapeutics has a 52 week low of $17.31 and a 52 week high of $39.60.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SCTX shares. Leerink Partners started coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 target price for the company. Zacks Research upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Guggenheim began coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price target for the company. 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 target on the stock. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Scribe Therapeutics Company Profile

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.