Scribe Therapeutics (NASDAQ:SCTX) Shares Up 7.6% – Here’s What Happened

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s share price was up 7.6% during trading on Thursday . The company traded as high as $33.86 and last traded at $33.41. 25,826 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 200,512 shares. The stock had previously closed at $31.05.

Analyst Upgrades and Downgrades

SCTX has been the subject of a number of research reports. Leerink Partners assumed coverage on Scribe Therapeutics in a research note on Tuesday. They issued an “outperform” rating and a $37.00 price objective for the company. Guggenheim began coverage on shares of Scribe Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $50.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Scribe Therapeutics in a research note on Tuesday. They set an “overweight” rating and a $60.00 price target for the company. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $49.00.

Scribe Therapeutics Stock Performance

Insiders Place Their Bets

In other Scribe Therapeutics news, major shareholder Bio Fund Ii L.P. Ah bought 333,333 shares of the stock in a transaction dated Monday, July 27th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $4,999,995.00. Following the purchase, the insider directly owned 2,385,075 shares of the company’s stock, valued at approximately $35,776,125. This trade represents a 16.25% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl L. Gordon purchased 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was bought at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the director directly owned 1,348,825 shares in the company, valued at $20,232,375. The trade was a 286.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 3,727,237 shares of company stock worth $56,291,746 over the last 90 days.

About Scribe Therapeutics

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.