Scinai Immunotherapeutics Ltd. Sponsored ADR (NASDAQ:SCNI) Sees Significant Drop in Short Interest

Scinai Immunotherapeutics Ltd. Sponsored ADR (NASDAQ:SCNI) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 46,462 shares, a drop of 89.8% from the July 15th total of 455,184 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average trading volume of 156,436 shares, the days-to-cover ratio is presently 0.3 days.

Scinai Immunotherapeutics Trading Down 2.8%

Shares of NASDAQ:SCNI traded down $0.01 during midday trading on Thursday, hitting $0.24. The company’s stock had a trading volume of 64,715 shares, compared to its average volume of 427,417. The business’s 50 day simple moving average is $0.28 and its 200 day simple moving average is $0.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.35 and a current ratio of 1.35. Scinai Immunotherapeutics has a 12-month low of $0.21 and a 12-month high of $1.96.

Scinai Immunotherapeutics shares are set to reverse split on the morning of Friday, August 21st. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, August 20th.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Scinai Immunotherapeutics stock. Citadel Advisors LLC grew its stake in Scinai Immunotherapeutics Ltd. Sponsored ADR (NASDAQ:SCNI) by 146.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,630 shares of the company’s stock after purchasing an additional 17,031 shares during the period. Citadel Advisors LLC owned approximately 0.90% of Scinai Immunotherapeutics worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 58.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Scinai Immunotherapeutics in a research report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Scinai Immunotherapeutics currently has a consensus rating of “Sell”.

Scinai Immunotherapeutics Company Profile

Scinai Immunotherapeutics Inc is a clinical-stage biotechnology company dedicated to developing novel small-molecule therapies that enhance the immune system’s capacity to recognize and destroy cancer cells. The company’s research emphasizes checkpoint modulation and the discovery of compounds designed to work in concert with established immuno-oncology treatments across a range of solid tumors.

Scinai’s pipeline comprises preclinical and early-stage candidates, and the company relies on collaborations with academic institutions and contract research organizations to advance its discovery and development efforts.