Scribe Therapeutics (NASDAQ:SCTX) Now Covered by Analysts at HC Wainwright

Key Points

• HC Wainwright initiated coverage of Scribe Therapeutics with a “buy” rating and a $60 price target, implying approximately 111% upside from the prior close.
• Analyst sentiment is broadly positive: Scribe has a consensus “buy” rating and an average price target of $51.75, with recent coverage from Leerink Partners, Guggenheim, and Wells Fargo.
• Insiders purchased 3.7 million shares worth approximately $56.3 million during the last quarter, while the stock opened at $28.44 and has traded between $17.31 and $39.60 over the past year.

Investment analysts at HC Wainwright started coverage on shares of Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) in a research report issued on Monday, Marketbeat reports. The firm set a "buy" rating and a $60.00 price target on the stock. HC Wainwright's price target points to a potential upside of 110.97% from the stock's previous close.

SCTX has been the topic of several other research reports. Leerink Partners initiated coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They issued an "outperform" rating and a $37.00 price objective on the stock. Guggenheim started 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. Wells Fargo & Company began coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set an "overweight" rating and a $60.00 price target on the stock. Finally, Wall Street Zen raised Scribe Therapeutics to a "hold" rating in a research note on Saturday, August 1st. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $51.75.

Scribe Therapeutics Stock Performance

NASDAQ SCTX opened at $28.44 on Monday. Scribe Therapeutics has a 12-month low of $17.31 and a 12-month high of $39.60.

Insider Activity

In other news, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of the stock in a transaction dated Monday, July 27th. The stock was purchased at an average cost of $15.00 per share, with a total value of $4,999,995.00. Following the completion of the purchase, the insider owned 2,385,075 shares in the company, valued at approximately $35,776,125. The trade was a 16.25% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Behzad Aghazadeh acquired 7,905 shares of the stock in a transaction dated Tuesday, July 28th. The shares were purchased at an average cost of $18.25 per share, with a total value of $144,266.25. Following the completion of the purchase, the director owned 3,088,888 shares of the company's stock, valued at approximately $56,372,206. The trade was a 0.26% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 3,727,237 shares of company stock worth $56,291,746 in the last quarter.

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.

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