Scribe Therapeutics (NASDAQ:SCTX) Trading Down 4.6% – Time to Sell?

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price dropped 4.6% on Tuesday . The company traded as low as $35.16 and last traded at $35.53. 71,474 shares changed hands during trading, a decline of 68% from the average session volume of 226,486 shares. The stock had previously closed at $37.25.

Analyst Upgrades and Downgrades

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 issued an “overweight” rating and a $60.00 target price for the company. Wall Street Zen upgraded Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Guggenheim began coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $50.00 price objective for the company. Finally, Leerink Partners assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 target price on the stock. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $49.00.

Scribe Therapeutics Stock Performance

Insiders Place Their Bets

In other Scribe Therapeutics news, Director Carl L. Gordon purchased 1,000,000 shares of Scribe Therapeutics stock in a transaction dated Monday, July 27th. The stock was acquired at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the acquisition, the director directly owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This represents a 286.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Behzad Aghazadeh purchased 7,905 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was acquired at an average price of $18.25 per share, for a total transaction of $144,266.25. Following the completion of the purchase, the director owned 3,088,888 shares of the company’s stock, valued at approximately $56,372,206. This represents a 0.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 3,727,237 shares of company stock worth $56,291,746 over the last quarter.

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.