Scribe Therapeutics (NASDAQ:SCTX) Trading 9.5% Higher – Time to Buy?

by · The Markets Daily

Scribe Therapeutics Inc. (NASDAQ:SCTX – Get Free Report) shares were up 9.5% during mid-day trading on Tuesday . The company traded as high as $31.38 and last traded at $31.38. 171,305 shares changed hands during trading, a decline of 24% from the average session volume of 224,722 shares. The stock had previously closed at $28.67.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SCTX shares. HC Wainwright initiated coverage on Scribe Therapeutics in a research note on Monday, August 31st. They issued a “buy” rating and a $60.00 price target for the company. Guggenheim assumed 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 on the stock. Wells Fargo & Company started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price objective on the stock. Zacks Research upgraded shares of Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st. Finally, Leerink Partners initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 target price for the company. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Scribe Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

View Our Latest Stock Report on Scribe Therapeutics

Scribe Therapeutics Stock Down 1.0%

Scribe Therapeutics (NASDAQ:SCTX – Get Free Report) last announced its earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.20) by $2.36. The company had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. On average, equities analysts expect that Scribe Therapeutics Inc. will post -3.68 earnings per share for the current fiscal year.

Insider Transactions at Scribe Therapeutics

In other news, CFO David Parrot acquired 2,666 shares of Scribe Therapeutics stock in a transaction dated Thursday, July 23rd. The stock was bought at an average cost of $15.00 per share, with a total value of $39,990.00. Following the completion of the transaction, the chief financial officer directly owned 1,333 shares of the company’s stock, valued at approximately $19,995. This represents a -200.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Gordon acquired 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average price of $15.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the director owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This represents a 286.68% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 3,727,237 shares of company stock valued at $56,291,746.

Scribe Therapeutics Company Profile

(Get Free Report)

Scribe Therapeutics Inc is a clinical-stage biotechnology company engineering CRISPR-based technologies into purpose-built in vivo genetic medicines designed to become standard of care treatments for patients suffering from highly prevalent diseases, starting with cardiometabolic disease. Scribe Therapeutics Inc is based in ALAMEDA, Calif.

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