Scribe Therapeutics (NASDAQ:SCTX) Stock Price Down 3.7% – What’s Next?

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price was down 3.7% on Tuesday . The company traded as low as $25.00 and last traded at $27.00. Approximately 205,528 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 276,798 shares. The stock had previously closed at $28.05.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SCTX shares. Guggenheim began coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price objective for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. HC Wainwright started coverage on shares of Scribe Therapeutics in a report on Monday, August 31st. They set a “buy” rating and a $60.00 price target for the company. Wells Fargo & Company started coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price objective for the company. Finally, Leerink Partners started coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Scribe Therapeutics has an average rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Trading Up 3.4%

The company has a 50-day simple moving average of $26.98.

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

Insider Activity at Scribe Therapeutics

In related news, CFO David Parrot bought 2,666 shares of the company’s stock in a transaction on 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 acquisition, the chief financial officer owned 1,333 shares in the company, valued at approximately $19,995. This represents a -200.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carl Gordon purchased 1,000,000 shares of Scribe Therapeutics stock in a transaction dated Monday, July 27th. The shares were bought at an average price of $15.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the director owned 1,348,825 shares in the company, valued at approximately $20,232,375. This trade represents a 286.68% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have 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.