Scribe Therapeutics (NASDAQ:SCTX) Releases 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

Shares of SCTX stock traded down $1.08 during trading hours on Friday, hitting $15.91. 133,897 shares of the company were exchanged, compared to its average volume of 357,583. The company’s fifty day moving average price is $21.42. Scribe Therapeutics has a 52-week low of $13.50 and a 52-week high of $39.60. The firm has a market cap of $301.18 million and a PE ratio of -1.46.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Scribe Therapeutics

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

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.