Scribe Therapeutics Inc. (NASDAQ:SCTX) Stock Short Interest Falls 54.7%

Scribe Therapeutics Inc. (NASDAQ:SCTX) saw a significant decline in short interest in 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. Based on an average daily volume of 474,424 shares, the days-to-cover ratio is currently 2.4 days. Currently, 5.9% of the shares of the stock are sold short.

Analyst Ratings Changes

Several equities research analysts have issued reports on SCTX shares. Leerink Partners started coverage on shares of 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 raised Scribe Therapeutics to a “hold” rating in a research note on Tuesday, September 1st. Weiss Ratings started coverage on shares of Scribe Therapeutics in a report on Tuesday, October 20th. They issued a “sell (e-)” rating on the stock. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Finally, HC Wainwright began coverage on shares of Scribe Therapeutics in a research note on Monday, August 31st. They set a “buy” rating and a $60.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Scribe Therapeutics Trading Down 11.6%

NASDAQ:SCTX traded down $2.02 during trading hours on Friday, hitting $15.42. 479,173 shares of the stock traded hands, compared to its average volume of 438,090. Scribe Therapeutics has a 1 year low of $13.50 and a 1 year high of $39.60. The stock has a market capitalization of $291.90 million and a P/E ratio of -1.42. The firm has a 50 day moving average of $24.10.

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, topping analysts’ consensus estimates of ($6.20) by $2.36. The business had revenue of $1.92 million during the quarter, compared to the consensus estimate of $3.10 million. As a group, research analysts forecast that Scribe Therapeutics will post -3.68 earnings per share for the current year.

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 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.