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

60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) saw a large decrease in short interest in February. As of February 15th, there was short interest totalling 23,800 shares, a decrease of 94.6% from the January 31st total of 443,900 shares. Approximately 6.5% of the shares of the stock are sold short. Based on an average daily volume of 469,600 shares, the days-to-cover ratio is currently 0.1 days.

Insider Transactions at 60 Degrees Pharmaceuticals

In other news, CEO Geoffrey S. Dow purchased 7,164 shares of 60 Degrees Pharmaceuticals stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average price of $6.35 per share, for a total transaction of $45,491.40. Following the transaction, the chief executive officer now owns 18,916 shares of the company’s stock, valued at approximately $120,116.60. The trade was a 60.96 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders have purchased 12,073 shares of company stock valued at $76,966. 10.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SXTP shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 60 Degrees Pharmaceuticals in a report on Wednesday, February 19th. HC Wainwright restated a “neutral” rating on shares of 60 Degrees Pharmaceuticals in a research report on Tuesday.

60 Degrees Pharmaceuticals Stock Performance

Shares of SXTP traded down $0.07 during mid-day trading on Friday, reaching $1.81. The company had a trading volume of 41,568 shares, compared to its average volume of 165,083. The company’s 50 day simple moving average is $4.22 and its 200 day simple moving average is $5.46. The company has a market capitalization of $2.67 million, a price-to-earnings ratio of -0.18 and a beta of 4.22. 60 Degrees Pharmaceuticals has a 1-year low of $1.78 and a 1-year high of $35.99.

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.