Scribe Therapeutics (NASDAQ:SCTX) Trading 7.6% Higher – Still a Buy?

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price shot up 7.6% during mid-day trading on Thursday . The company traded as high as $33.86 and last traded at $33.41. Approximately 25,826 shares traded hands during trading, a decline of 87% from the average session volume of 200,512 shares. The stock had previously closed at $31.05.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Scribe Therapeutics in a report on Tuesday. They set an “overweight” rating and a $60.00 price target on the stock. Leerink Partners started coverage on shares of Scribe Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $37.00 target price on the stock. Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Finally, Guggenheim began coverage on Scribe Therapeutics in a report on Tuesday. They set a “buy” rating and a $50.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Scribe Therapeutics presently has a consensus rating of “Buy” and an average price target of $49.00.

Scribe Therapeutics Stock Performance

Insider Activity at Scribe Therapeutics

In other news, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was purchased at an average price of $15.00 per share, for a total transaction of $4,999,995.00. Following the completion of the transaction, the insider directly owned 2,385,075 shares in the company, valued at approximately $35,776,125. This trade represents a 16.25% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Behzad Aghazadeh bought 2,383,333 shares of Scribe Therapeutics stock in a transaction dated 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 acquisition, 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. Insiders acquired 3,727,237 shares of company stock worth $56,291,746 over the last 90 days.

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.