Scribe Therapeutics (NASDAQ:SCTX) Shares Gap Up – What’s Next?

Scribe Therapeutics Inc. (NASDAQ:SCTX) gapped up before the market opened on Monday . The stock had previously closed at $34.13, but opened at $35.76. Scribe Therapeutics shares last traded at $37.03, with a volume of 57,348 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company started coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price target on the stock. Leerink Partners assumed coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price target on the stock. Finally, Guggenheim assumed coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $50.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Scribe Therapeutics presently has a consensus rating of “Buy” and an average price target of $49.00.

Scribe Therapeutics Trading Down 16.2%

Insider Activity

In other news, Director Carl L. Gordon bought 1,000,000 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was bought at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director owned 1,348,825 shares of the company’s stock, valued at approximately $20,232,375. The trade was a 286.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Parrot bought 2,666 shares of Scribe Therapeutics stock in a transaction dated Thursday, July 23rd. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the acquisition, the chief financial officer directly owned 1,333 shares in the company, valued at $19,995. This represents a -200.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 3,727,237 shares of company stock worth $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.