Scribe Therapeutics (NASDAQ:SCTX) Shares Gap Up - Time to Buy?

Key Points

• Scribe Therapeutics shares jumped 9.1%, opening at $35.76 versus a prior close of $34.13 and later trading around $37.03.
• Analyst sentiment is broadly positive: the stock has an average “Buy” rating and a $49 consensus price target, with targets ranging from $37 to $60.
• Insiders have shown strong buying interest, acquiring 3.7 million shares worth approximately $56.3 million over the past 90 days, including a director’s $15 million purchase.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $34.13, but opened at $35.76. Scribe Therapeutics shares last traded at $37.03, with a volume of 57,348 shares trading hands.

Wall Street Analyst Weigh In

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

Scribe Therapeutics Stock Up 9.1%

Insider Buying and Selling at Scribe Therapeutics

In other Scribe Therapeutics news, CFO David Parrot acquired 2,666 shares of the business's stock in a transaction on Thursday, July 23rd. The stock was purchased at an average price of $15.00 per share, with a total value of $39,990.00. Following the acquisition, the chief financial officer directly owned 1,333 shares of the company's stock, valued at approximately $19,995. This trade represents a -200.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 acquired at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the director owned 1,348,825 shares in the company, valued at approximately $20,232,375. This represents a 286.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have acquired 3,727,237 shares of company stock valued at $56,291,746.

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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