Scribe Therapeutics (NASDAQ:SCTX) Trading Down 5.7% – Here’s Why

Shares of Scribe Therapeutics Inc. (NASDAQ:SCTX) traded down 5.7% during trading on Friday . The stock traded as low as $29.05 and last traded at $29.05. Approximately 76,183 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 224,100 shares. The stock had previously closed at $30.81.

Analyst Ratings Changes

SCTX has been the subject of a number of research analyst reports. Zacks Research raised shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday. Wells Fargo & Company began coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 target price on the stock. HC Wainwright assumed coverage on shares of Scribe Therapeutics in a research note on Monday. They issued a “buy” rating and a $60.00 target price for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Finally, Guggenheim initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $50.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Price Performance

Scribe Therapeutics (NASDAQ:SCTX) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, beating the consensus estimate of ($6.20) by $2.36. The business had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. Research analysts anticipate that Scribe Therapeutics Inc. will post -6.72 EPS for the current year.

Insider Activity at Scribe Therapeutics

In related news, Director Behzad Aghazadeh bought 7,905 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were purchased at an average price of $18.25 per share, for a total transaction of $144,266.25. Following the completion of the transaction, the director directly owned 3,088,888 shares in the company, valued at approximately $56,372,206. The trade was a 0.26% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO David Parrot acquired 2,666 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were bought at an average cost of $15.00 per share, with a total value 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. The trade was a -200.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, 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.