Scribe Therapeutics (NASDAQ:SCTX) Shares Up 5.4% – Here’s Why

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price traded up 5.4% during trading on Tuesday . The stock traded as high as $31.15 and last traded at $31.01. Approximately 45,468 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 213,467 shares. The stock had previously closed at $29.42.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SCTX shares. Guggenheim initiated coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price target for the company. Wall Street Zen upgraded Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. Leerink Partners started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price target on the stock. Zacks Research upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Finally, HC Wainwright assumed coverage on shares of Scribe Therapeutics in a report on Monday, August 31st. They issued a “buy” rating and a $60.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Scribe Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Scribe Therapeutics Stock Performance

Scribe Therapeutics (NASDAQ:SCTX) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($6.20) by $2.36. The company had revenue of $1.92 million for the quarter, compared to analysts’ expectations of $3.10 million. As a group, analysts predict that Scribe Therapeutics Inc. will post -3.68 earnings per share for the current year.

Insider Activity

In other Scribe Therapeutics news, Director Carl L. Gordon purchased 1,000,000 shares of Scribe Therapeutics stock in a transaction dated Monday, July 27th. The stock was acquired at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the acquisition, the director directly owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This represents a 286.68% 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. Also, CFO David Parrot purchased 2,666 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was acquired at an average price of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the purchase, the chief financial officer 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 SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 3,727,237 shares of company stock valued at $56,291,746.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.