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

Key Points

• Analysts rate Scribe Therapeutics “Moderate Buy”, with four buys, one hold and one sell among six analysts. The average 12-month price target is $51.75, including targets ranging from $37 to $60.
• SCTX opened at $17.96, well below its $39.60 12-month high, with a market capitalization of approximately $340 million. The company reported a quarterly loss of $3.84 per share, better than the $6.20 consensus estimate, but revenue of $1.92 million fell short of expectations.
• Insiders purchased 1.34 million shares worth about $20.1 million during the last quarter, including a nearly $5 million purchase by major shareholder Bio Fund II L.P.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) has been given an average rating of "Moderate Buy" by the six analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $51.75.

SCTX has been the topic of a number of recent research reports. HC Wainwright started coverage on Scribe Therapeutics in a report on Monday, August 31st. They issued a "buy" rating and a $60.00 target price on the stock. Zacks Research upgraded Scribe Therapeutics to a "hold" rating in a research report on Tuesday, September 1st. Leerink Partners initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an "outperform" rating and a $37.00 price objective on the stock. Weiss Ratings began coverage on shares of Scribe Therapeutics in a report on Tuesday. They issued a "sell (e-)" rating for the company. Finally, Wall Street Zen upgraded shares of Scribe Therapeutics to a "hold" rating in a research note on Saturday, August 1st.

Scribe Therapeutics Stock Performance

SCTX opened at $17.96 on Friday. The business has a 50 day simple moving average of $25.39. The stock has a market capitalization of $339.98 million and a P/E ratio of -1.65. Scribe Therapeutics has a 12-month low of $13.50 and a 12-month high of $39.60.

Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share for the quarter, topping the consensus estimate of ($6.20) by $2.36. The business had revenue of $1.92 million during the quarter, compared to the consensus estimate of $3.10 million. As a group, research analysts predict that Scribe Therapeutics will post -3.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Scribe Therapeutics news, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the business's stock in a transaction on Monday, July 27th. The stock was acquired at an average price of $15.00 per share, for a total transaction of $4,999,995.00. Following the purchase, the insider owned 2,385,075 shares of the company's stock, valued at approximately $35,776,125. This represents a 16.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Behzad Aghazadeh purchased 7,905 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were acquired at an average cost of $18.25 per share, for a total transaction of $144,266.25. Following the completion of the acquisition, the director owned 3,088,888 shares of the company's stock, valued at approximately $56,372,206. This trade represents a 0.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 1,341,238 shares of company stock valued at $20,144,261.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company's platform is designed to engineer CRISPR systems for improved precision, efficiency, delivery and safety in therapeutic applications.

Scribe's research has included gene-editing approaches intended to address genetic and other serious diseases, with potential applications in areas such as neurology and immunology. Its technology portfolio is based on proprietary CRISPR systems and related delivery and editing capabilities, and the company has pursued collaborations with pharmaceutical and biotechnology partners.

Scribe Therapeutics was founded in 2018 and is headquartered in Alameda, California.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.