Scribe Therapeutics Inc. (NASDAQ:SCTX) Stock Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts rate Scribe Therapeutics “Moderate Buy”: Four of five analysts recommend buying the stock, while one has a hold rating. The average 12-month price target is $51.75, with targets ranging from $37 to $60.
• Company insiders made substantial purchases: Directors acquired 3.73 million shares worth approximately $56.3 million over the past 90 days, including major purchases by Behzad Aghazadeh and Carl L. Gordon.
• SCTX opened at $21.28, versus a 52-week range of $17.31 to $39.60. In its latest quarter, the company reported a loss of $3.84 per share—better than the expected $6.20 loss—but revenue of $1.92 million fell short of the $3.10 million forecast.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) has been assigned an average rating of "Moderate Buy" from the five research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $51.75.

Several equities research analysts recently issued reports on SCTX shares. HC Wainwright assumed coverage on Scribe Therapeutics in a research note on Monday, August 31st. They set a "buy" rating and a $60.00 price objective for the company. Guggenheim assumed coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They issued a "buy" rating and a $50.00 price target on the stock. Wells Fargo & Company began coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set an "overweight" rating and a $60.00 price objective for the company. Wall Street Zen upgraded shares of Scribe Therapeutics to a "hold" rating in a research report on Saturday, August 1st. Finally, Leerink Partners assumed coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an "outperform" rating and a $37.00 target price on the stock.

Insider Activity at Scribe Therapeutics

In related news, Director Behzad Aghazadeh acquired 2,383,333 shares of the company's stock in a transaction dated Friday, July 24th. The stock was bought at an average cost of $15.15 per share, with a total value of $36,107,494.95. Following the acquisition, the director owned 3,080,983 shares of the company's stock, valued at approximately $46,676,892.45. The trade was a 341.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl L. Gordon acquired 1,000,000 shares of the company's stock in a transaction dated Monday, July 27th. The shares were bought at an average cost of $15.00 per share, with a total value 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 acquired 3,727,237 shares of company stock worth $56,291,746 in the last 90 days.

Scribe Therapeutics Stock Performance

NASDAQ SCTX opened at $21.28 on Monday. The business has a 50 day moving average price of $26.75. Scribe Therapeutics has a 1 year low of $17.31 and a 1 year 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) EPS for the quarter, beating analysts' consensus estimates of ($6.20) by $2.36. The firm had revenue of $1.92 million for the quarter, compared to analysts' expectations of $3.10 million. As a group, research analysts forecast that Scribe Therapeutics will post -3.68 EPS for the current fiscal year.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company's platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.

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