Scribe Therapeutics (NASDAQ:SCTX) Sets New 52-Week High After Analyst Upgrade

Key Points

• Scribe Therapeutics reached a new 52-week high of $28.81 after Guggenheim upgraded the stock to a strong-buy rating; shares were recently trading around $28.63, up about 5%.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $49.00. Recent targets include $37 from Leerink Partners and $60 from Wells Fargo.
• Insider buying has been substantial: insiders purchased 3.7 million shares worth approximately $56.3 million over the past 90 days, including significant purchases by director Behzad Aghazadeh and shareholder Bio Fund II L.P.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday after Guggenheim upgraded the stock to a strong-buy rating. The stock traded as high as $28.81 and last traded at $28.63, with a volume of 77834 shares trading hands. The stock had previously closed at $27.11.

A number of other research analysts have also recently weighed in on SCTX. Leerink Partners started coverage on Scribe Therapeutics in a report on Tuesday. They issued an "outperform" rating and a $37.00 target price on the stock. Wells Fargo & Company assumed coverage on Scribe Therapeutics in a research note on Tuesday. They set an "overweight" rating and a $60.00 price target for the company. Finally, Wall Street Zen upgraded Scribe Therapeutics to a "hold" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat.com, Scribe Therapeutics currently has a consensus rating of "Buy" and an average target price of $49.00.

Insider Buying and Selling

In related news, Director Behzad Aghazadeh purchased 7,905 shares of Scribe Therapeutics stock in a transaction that occurred on Tuesday, July 28th. The shares were purchased at an average cost of $18.25 per share, with a total value of $144,266.25. Following the transaction, the director owned 3,088,888 shares of the company's stock, valued at approximately $56,372,206. The trade was a 0.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of Scribe Therapeutics stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $4,999,995.00. Following the completion of the transaction, the insider directly owned 2,385,075 shares in the company, valued at $35,776,125. This represents a 16.25% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 3,727,237 shares of company stock worth $56,291,746 in the last ninety days.

Scribe Therapeutics Trading Up 5.0%

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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