Scribe Therapeutics Inc. (NASDAQ:SCTX – Get Free Report) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 1,118,447 shares, a drop of 54.7% from the September 30th total of 2,466,931 shares. Currently, 5.9% of the shares of the stock are short sold. Based on an average trading volume of 474,424 shares, the days-to-cover ratio is presently 2.4 days.
Wall Street Analyst Weigh In
Several research firms have recently commented on SCTX. Wells Fargo & Company assumed coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price objective on the stock. Leerink Partners began coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Guggenheim started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $50.00 price objective for the company. Finally, Zacks Research raised Scribe Therapeutics to a “hold” rating in a research note on Tuesday, September 1st. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Scribe Therapeutics has an average rating of “Moderate Buy” and an average target price of $51.75.
View Our Latest Research Report on Scribe Therapeutics
Scribe Therapeutics Trading Down 11.6%
SCTX stock traded down $2.02 during midday trading on Friday, hitting $15.42. The stock had a trading volume of 479,173 shares, compared to its average volume of 438,090. The stock’s 50-day moving average price is $24.10. The stock has a market cap of $291.90 million and a price-to-earnings ratio of -1.42. 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 earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share (EPS) for the quarter, topping the consensus estimate 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 expect that Scribe Therapeutics will post -3.68 EPS for the current year.
About Scribe Therapeutics
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.
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