Scribe Therapeutics (NASDAQ:SCTX) Trading Up 4.2% – Time to Buy?

Scribe Therapeutics Inc. (NASDAQ:SCTX) shares rose 4.2% during mid-day trading on Friday . The company traded as high as $30.04 and last traded at $30.04. 13,309 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 228,357 shares. The stock had previously closed at $28.84.

Analyst Ratings Changes

A number of equities analysts have weighed in on SCTX shares. Leerink Partners began coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 target price for the company. Guggenheim assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $50.00 price target for the company. Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Finally, Wells Fargo & Company began 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. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $49.00.

Scribe Therapeutics Stock Performance

Insider Transactions at Scribe Therapeutics

In other Scribe Therapeutics news, Director Behzad Aghazadeh acquired 7,905 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were acquired at an average cost of $18.25 per share, with a total value of $144,266.25. Following the completion of the acquisition, the director directly owned 3,088,888 shares in the company, valued at $56,372,206. This trade represents a 0.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carl L. Gordon bought 1,000,000 shares of the business’s stock in a transaction on Monday, July 27th. The shares were acquired at an average price of $15.00 per share, with a total value of $15,000,000.00. Following the transaction, the director directly owned 1,348,825 shares of the company’s stock, valued at approximately $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 3,727,237 shares of company stock valued at $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.