Scribe Therapeutics (NASDAQ:SCTX) Trading Down 4.6% - Should You Sell?

Key Points

• Scribe Therapeutics shares fell 4.6% to $35.53 in Tuesday trading, while volume dropped 68% below the average session level.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $49 price target; recent targets range from $37 to $60.
• Insiders purchased 3.73 million shares worth approximately $56.3 million over the past 90 days, including major acquisitions by a director and a significant shareholder.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) shares fell 4.6% on Tuesday . The company traded as low as $35.16 and last traded at $35.53. 71,474 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 226,486 shares. The stock had previously closed at $37.25.

Analyst Ratings Changes

SCTX has been the subject of a number of analyst reports. Leerink Partners started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They set an "outperform" rating and a $37.00 target price for the company. Wells Fargo & Company initiated coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set an "overweight" rating and a $60.00 price objective for the company. Wall Street Zen upgraded Scribe Therapeutics to a "hold" rating in a report on Saturday, August 1st. Finally, Guggenheim initiated coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set a "buy" rating and a $50.00 target price on the stock. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Scribe Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $49.00.

Scribe Therapeutics Trading Down 3.5%

Insider Transactions at Scribe Therapeutics

In other news, Director Behzad Aghazadeh bought 2,383,333 shares of Scribe Therapeutics stock in a transaction dated Friday, July 24th. The stock was acquired 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. This trade represents a 341.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bio Fund Ii L.P. Ah bought 333,333 shares of the firm's 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 transaction, the insider owned 2,385,075 shares in the company, valued at approximately $35,776,125. This trade represents a 16.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 3,727,237 shares of company stock worth $56,291,746.

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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