Scribe Therapeutics Inc. (NASDAQ:SCTX) Stock Has Consensus Target Price of $51.75

Shares of Scribe Therapeutics Inc. (NASDAQ:SCTX) have earned an average rating of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $51.75.

SCTX has been the topic of a number of research analyst reports. Wall Street Zen upgraded Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Leerink Partners initiated coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective on the stock. HC Wainwright initiated coverage on Scribe Therapeutics in a research note on Monday, August 31st. They issued a “buy” rating and a $60.00 target price for the company. Wells Fargo & Company assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price target on the stock. Finally, Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st.

Insider Transactions at Scribe Therapeutics

In other news, Director Carl Gordon bought 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the director directly owned 1,348,825 shares in the company, valued at approximately $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Parrot purchased 2,666 shares of the firm’s stock in a transaction on Thursday, July 23rd. The shares were acquired at an average price of $15.00 per share, with a total value of $39,990.00. Following the purchase, the chief financial officer directly owned 1,333 shares in the company, valued at $19,995. This represents a -200.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 3,727,237 shares of company stock valued at $56,291,746 over the last ninety days.

Scribe Therapeutics Stock Performance

Shares of NASDAQ:SCTX opened at $16.79 on Monday. The company has a 50-day simple moving average of $26.12. Scribe Therapeutics has a 1 year low of $16.49 and a 1 year high of $39.60.

Scribe Therapeutics (NASDAQ:SCTX) last released its earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, topping the consensus estimate of ($6.20) by $2.36. The business had revenue of $1.92 million for the quarter, compared to analyst estimates of $3.10 million. On average, equities research analysts forecast that Scribe Therapeutics will post -3.68 EPS for the current fiscal year.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.