60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) Sees Significant Decrease in Short Interest

60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 50,300 shares, a drop of 42.2% from the November 15th total of 87,000 shares. Based on an average daily volume of 155,300 shares, the days-to-cover ratio is currently 0.3 days. Approximately 2.6% of the company’s shares are sold short.

Insider Activity

In related news, CEO Geoffrey S. Dow bought 35,823 shares of the business’s stock in a transaction on Monday, December 9th. The stock was acquired at an average price of $1.27 per share, for a total transaction of $45,495.21. Following the purchase, the chief executive officer now directly owns 94,580 shares in the company, valued at $120,116.60. This trade represents a 60.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have bought 59,372 shares of company stock valued at $70,410. 10.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “neutral” rating on shares of 60 Degrees Pharmaceuticals in a research report on Wednesday.

60 Degrees Pharmaceuticals Price Performance

SXTP stock traded down $0.24 during trading on Friday, hitting $1.41. 293,746 shares of the company traded hands, compared to its average volume of 282,926. The stock’s 50-day simple moving average is $1.05 and its 200 day simple moving average is $0.85. 60 Degrees Pharmaceuticals has a 1 year low of $0.70 and a 1 year high of $18.36. The company has a market cap of $3.24 million, a PE ratio of -0.14 and a beta of 5.36.

About 60 Degrees Pharmaceuticals

60 Degrees Pharmaceuticals, Inc, a specialty pharmaceutical company, engages in the development and commercialization of therapies for the prevention and treatment of infectious diseases in the United States. The company offers Arakoda for malaria preventative treatment. It also engages in the development of Tafenoquine (Arakoda regimen) that is in Phase IIb clinical trial for COVID-19 indications; Tafenoquine, which is in phase IIA clinical trials for babesiosis, fungal pneumonias, and candidiasis disease; and Celgosivir for respiratory viruses and dengue.