Scribe Therapeutics (NASDAQ:SCTX) Announces Earnings Results, Misses Expectations By $0.26 EPS

Scribe Therapeutics (NASDAQ:SCTX) issued its quarterly earnings results on Thursday. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.26), FiscalAI reports. The company had revenue of $1.64 million during the quarter.

Scribe Therapeutics Price Performance

SCTX stock traded up $0.13 during midday trading on Thursday, reaching $16.99. 282,268 shares of the company’s stock traded hands, compared to its average volume of 363,927. The firm has a 50-day moving average price of $21.42. Scribe Therapeutics has a 52 week low of $13.50 and a 52 week high of $39.60.

Hedge Funds Weigh In On Scribe Therapeutics

An institutional investor recently bought a new stake in Scribe Therapeutics stock. State Street Corp acquired a new position in shares of Scribe Therapeutics Inc. (NASDAQ:SCTX) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 171,147 shares of the company’s stock, valued at approximately $3,150,000. State Street Corp owned approximately 0.90% of Scribe Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price target on the stock. Leerink Partners started coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings began coverage on shares of Scribe Therapeutics in a research report on Tuesday, October 20th. They issued a “sell (e-)” rating on the stock. Finally, HC Wainwright assumed coverage on shares of Scribe Therapeutics in a research note on Monday, August 31st. They issued a “buy” rating and a $60.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.75.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based gene-editing technologies and potential genetic medicines. Its platform uses engineered CRISPR systems designed to make targeted changes to DNA, with research aimed at applications across multiple disease areas. Founded in 2017 and based in Alameda, California, the company has pursued research and development collaborations with pharmaceutical companies, including Sanofi and Biogen. Scribe Therapeutics is privately held; I could not verify a Nasdaq listing under the symbol SCTX.