Scribe Therapeutics (NASDAQ:SCTX) Raised to "Strong-Buy" at Guggenheim

Key Points

• Guggenheim upgraded Scribe Therapeutics to “strong buy,” while the analyst consensus is also “strong buy,” with a $49.00 average price target.
• Wells Fargo initiated coverage with an “overweight” rating and a $60 target, while Leerink Partners assigned an “outperform” rating and a $37 target.
• Insiders bought 3.7 million shares worth approximately $56.3 million over the past three months, including a director’s purchase of more than 2.38 million shares.

Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) was upgraded by investment analysts at Guggenheim to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other brokerages have also recently commented on SCTX. Wells Fargo & Company began coverage on shares of Scribe Therapeutics in a research note on Tuesday. They issued an "overweight" rating and a $60.00 price objective for the company. Leerink Partners initiated coverage on shares of Scribe Therapeutics in a research report on Tuesday. They set an "outperform" rating and a $37.00 target price on the stock. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a "hold" rating in a report on Saturday, August 1st. Two analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus price target of $49.00.

Scribe Therapeutics Stock Performance

Shares of NASDAQ SCTX opened at $27.11 on Tuesday. Scribe Therapeutics has a one year low of $17.31 and a one year high of $27.75.

Insider Transactions at Scribe Therapeutics

In other news, CFO David Parrot purchased 2,666 shares of the business's stock in a transaction dated Thursday, July 23rd. The stock was acquired at an average price of $15.00 per share, with a total value of $39,990.00. Following the purchase, the chief financial officer directly owned 1,333 shares of the company's stock, valued at $19,995. This represents a -200.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Behzad Aghazadeh acquired 2,383,333 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average price of $15.15 per share, for a total transaction of $36,107,494.95. Following the completion of the transaction, the director directly owned 3,080,983 shares in the company, valued at approximately $46,676,892.45. This represents a 341.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 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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