Short Interest in 60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) Drops By 39.2%

60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 156,600 shares, a drop of 39.2% from the December 15th total of 257,700 shares. Based on an average trading volume of 544,500 shares, the days-to-cover ratio is presently 0.3 days. Approximately 8.4% of the shares of the stock are short sold.

Insider Transactions at 60 Degrees Pharmaceuticals

In related news, CEO Geoffrey S. Dow acquired 35,823 shares of the business’s stock in a transaction on Monday, December 9th. The shares were purchased at an average price of $1.27 per share, for a total transaction of $45,495.21. Following the acquisition, the chief executive officer now owns 94,580 shares in the company, valued at approximately $120,116.60. This represents a 60.97 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased a total of 66,372 shares of company stock valued at $82,410 in the last three months. 10.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “neutral” rating on shares of 60 Degrees Pharmaceuticals in a report on Friday, January 10th.

60 Degrees Pharmaceuticals Trading Down 8.8 %

NASDAQ:SXTP traded down $0.08 during trading hours on Thursday, hitting $0.83. 248,935 shares of the stock traded hands, compared to its average volume of 1,641,572. The firm has a market cap of $1.90 million, a price-to-earnings ratio of -0.08 and a beta of 4.40. The firm has a 50 day moving average price of $1.19 and a 200 day moving average price of $1.01. 60 Degrees Pharmaceuticals has a fifty-two week low of $0.70 and a fifty-two week high of $11.88.

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.