Scribe Therapeutics (NASDAQ:SCTX) Shares Up 5.4% – Still a Buy?

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

Analysts Set New Price Targets

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

Scribe Therapeutics Trading Up 6.2%

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

Insider Transactions at Scribe Therapeutics

In other news, Director Carl L. Gordon bought 1,000,000 shares of the stock in a transaction on 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 acquisition, the director owned 1,348,825 shares in the company, valued at $20,232,375. The trade was a 286.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Behzad Aghazadeh bought 2,383,333 shares of the company’s stock in a transaction on Friday, July 24th. The stock was purchased at an average cost of $15.15 per share, for a total transaction of $36,107,494.95. Following the completion of the transaction, the director directly owned 3,080,983 shares of the company’s stock, valued at approximately $46,676,892.45. The trade was a 341.62% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 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.