Scribe Therapeutics (NASDAQ:SCTX) Stock Price Up 9.5% – Should You Buy?

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

Analysts Set New Price Targets

SCTX has been the subject of several research reports. HC Wainwright started coverage on Scribe Therapeutics in a research report on Monday, August 31st. They set a “buy” rating and a $60.00 price objective for the company. Wall Street Zen raised Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Guggenheim assumed coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They issued a “buy” rating and a $50.00 price target for the company. Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Finally, Wells Fargo & Company began coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Scribe Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

Scribe Therapeutics Stock Performance

Scribe Therapeutics (NASDAQ:SCTX) last released its earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, beating the consensus estimate of ($6.20) by $2.36. The business had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. Research analysts anticipate that Scribe Therapeutics Inc. will post -3.68 EPS for the current year.

Insider Activity at Scribe Therapeutics

In related news, Director Behzad Aghazadeh acquired 2,383,333 shares of the business’s stock in a transaction dated Friday, July 24th. The shares were acquired at an average cost of $15.15 per share, for a total transaction of $36,107,494.95. Following the acquisition, the director directly owned 3,080,983 shares in the company, valued at approximately $46,676,892.45. The trade was a 341.62% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David Parrot bought 2,666 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was bought at an average cost of $15.00 per share, for a total transaction 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. The trade was a -200.00% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 3,727,237 shares of company stock worth $56,291,746.

Scribe Therapeutics Company Profile

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.