Scribe Therapeutics Inc.'s (NASDAQ:SCTX) Quiet Period Will End on September 2nd

Key Points

• Scribe Therapeutics’ quiet period ends September 2, potentially allowing IPO underwriters to begin issuing research coverage. The company raised $128.7 million through its July 24 IPO of 8.58 million shares priced at $15.
• Analyst sentiment is broadly positive, with an average “Buy” rating and a $49 price target. Published targets range from $37 at Leerink Partners to $60 at Wells Fargo.
• The stock opened at $31.20 after falling 16.2%. Insiders have purchased approximately 3.7 million shares worth $56.3 million over the past 90 days, including a $15 million purchase by director Carl L. Gordon.

Scribe Therapeutics' (NASDAQ:SCTX - Get Free Report) quiet period is set to expire on Wednesday, September 2nd. Scribe Therapeutics had issued 8,580,000 shares in its IPO on July 24th. The total size of the offering was $128,700,000 based on an initial share price of $15.00. During the company's quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

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

Scribe Therapeutics Trading Down 16.2%

Shares of NASDAQ SCTX opened at $31.20 on Wednesday. Scribe Therapeutics has a 12 month low of $17.31 and a 12 month high of $39.60.

Insiders Place Their Bets

In related news, Director Carl L. Gordon acquired 1,000,000 shares of the firm's 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 acquisition, the director directly owned 1,348,825 shares in the company, valued at approximately $20,232,375. This trade represents a 286.68% 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, CFO David Parrot acquired 2,666 shares of the company's stock in a transaction dated Thursday, July 23rd. The stock was bought at an average cost 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 of the company's stock, valued at approximately $19,995. This trade represents a -200.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 3,727,237 shares of company stock worth $56,291,746.

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.

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