Scribe Therapeutics (NASDAQ:SCTX) Stock Price Up 9.5% - Here's What Happened

Key Points

• Scribe Therapeutics shares rose 9.5% to $31.38, although trading volume was 24% below the average daily level.
• Analyst sentiment remains positive, with four Buy ratings and one Hold rating; the consensus price target is $51.75, well above the current price.
• The company reported a smaller-than-expected quarterly loss of $3.84 per share, but revenue of $1.92 million missed estimates. Insiders also purchased 3.7 million shares worth approximately $56.3 million over the last quarter.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) shot up 9.5% on Tuesday . The stock traded as high as $31.38 and last traded at $31.38. 171,305 shares traded hands during trading, a decline of 24% from the average daily volume of 224,722 shares. The stock had previously closed at $28.67.

Analyst Ratings Changes

Several brokerages have issued reports on SCTX. Guggenheim started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued a "buy" rating and a $50.00 price objective on the stock. Zacks Research raised shares of Scribe Therapeutics to a "hold" rating in a report on Tuesday, September 1st. Wells Fargo & Company started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They set an "overweight" rating and a $60.00 price target on the stock. Wall Street Zen upgraded shares of Scribe Therapeutics to a "hold" rating in a research report on Saturday, August 1st. Finally, 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. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Scribe Therapeutics has an average rating of "Moderate Buy" and an average price target of $51.75.

Scribe Therapeutics Stock Up 9.5%

Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) last issued its 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 company had revenue of $1.92 million for the quarter, compared to analyst estimates of $3.10 million. Analysts predict that Scribe Therapeutics Inc. will post -3.68 earnings per share for the current year.

Insider Transactions at Scribe Therapeutics

In other news, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of Scribe Therapeutics stock in a transaction that occurred on 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 acquisition, the insider owned 2,385,075 shares in the company, valued at $35,776,125. This trade represents a 16.25% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carl L. Gordon bought 1,000,000 shares of the firm's stock in a transaction on Monday, July 27th. The shares were purchased at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the director owned 1,348,825 shares of the company's stock, valued at $20,232,375. This represents a 286.68% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 3,727,237 shares of company stock worth $56,291,746 over 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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