Scribe Therapeutics (NASDAQ:SCTX) Shares Up 4.2% – Here’s What Happened

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price shot up 4.2% during mid-day trading on Friday . The stock traded as high as $30.04 and last traded at $30.04. Approximately 13,309 shares changed hands during trading, a decline of 94% from the average daily volume of 228,357 shares. The stock had previously closed at $28.84.

Analyst Ratings Changes

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

Scribe Therapeutics Price Performance

Insiders Place Their Bets

In other news, CFO David Parrot bought 2,666 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were purchased at an average price of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the transaction, the chief financial officer directly owned 1,333 shares in the company, valued at approximately $19,995. This represents a -200.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl L. Gordon bought 1,000,000 shares of Scribe Therapeutics stock in a transaction on Monday, July 27th. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director directly owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 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.