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

Scribe Therapeutics Inc. (NASDAQ:SCTX) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 1,118,447 shares, a decrease of 54.7% from the September 30th total of 2,466,931 shares. Based on an average trading volume of 474,424 shares, the short-interest ratio is presently 2.4 days. Currently, 5.9% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

SCTX has been the topic of several research reports. Weiss Ratings initiated coverage on Scribe Therapeutics in a research note 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. Leerink Partners began coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price target on the stock. Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st. Finally, 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 objective for the company. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Scribe Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Scribe Therapeutics Price Performance

Shares of SCTX stock opened at $16.72 on Friday. The business has a fifty day simple moving average of $24.45. Scribe Therapeutics has a 52-week low of $13.50 and a 52-week high of $39.60. The stock has a market cap of $316.54 million and a price-to-earnings ratio of -1.54.

Scribe Therapeutics (NASDAQ:SCTX) last released its earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, topping the consensus estimate of ($6.20) by $2.36. The company had revenue of $1.92 million during the quarter, compared to analysts’ expectations of $3.10 million. Equities analysts anticipate that Scribe Therapeutics will post -3.68 earnings per share for the current fiscal 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.