Scribe Therapeutics (NASDAQ:SCTX) Now Covered by Analysts at Leerink Partners

Key Points

• Leerink Partners initiated coverage of Scribe Therapeutics with an “outperform” rating and a $37 price target, implying 74.61% upside from the prior close.
• Analyst sentiment is broadly positive: Guggenheim rated the stock “buy” with a $50 target, Wells Fargo issued an “overweight” rating with a $60 target, and the consensus rating is “Buy” with a $49 average price target.
• Insiders have shown strong buying interest, acquiring 3.73 million shares worth approximately $56.3 million over the past three months, including a $36.1 million purchase by director Behzad Aghazadeh.

Equities researchers at Leerink Partners initiated coverage on shares of Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) in a report issued on Tuesday,Benzinga reports. The brokerage set an "outperform" rating and a $37.00 price target on the stock. Leerink Partners' target price would suggest a potential upside of 74.61% from the company's previous close.

Several other research analysts have also weighed in on the company. Wall Street Zen upgraded Scribe Therapeutics to a "hold" rating in a report on Saturday, August 1st. Guggenheim started coverage on shares of Scribe Therapeutics in a report on Tuesday. They set a "buy" rating and a $50.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on Scribe Therapeutics in a report on Tuesday. They issued an "overweight" rating and a $60.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $49.00.

Scribe Therapeutics Price Performance

Shares of NASDAQ:SCTX opened at $21.19 on Tuesday. Scribe Therapeutics has a fifty-two week low of $17.31 and a fifty-two week high of $26.50.

Insider Activity

In other Scribe Therapeutics news, Director Behzad Aghazadeh purchased 2,383,333 shares of the stock in a transaction dated Friday, July 24th. The stock was bought at an average price 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 represents a 341.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David Parrot acquired 2,666 shares of the company's stock in a transaction that occurred on Thursday, July 23rd. The shares were acquired at an average price of $15.00 per share, with a total value of $39,990.00. Following the completion of the transaction, the chief financial officer owned 1,333 shares in the company, valued at $19,995. The trade was a -200.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 3,727,237 shares of company stock valued at $56,291,746 in the last three months.

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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