Scribe Therapeutics (NASDAQ:SCTX) Shares Up 7.6% - Here's What Happened

Key Points

• Scribe Therapeutics shares rose 7.6% to $33.41, although trading volume was 87% below the average session volume.
• Analyst coverage was broadly positive: Guggenheim, Leerink Partners, and Wells Fargo issued Buy-equivalent ratings, contributing to a consensus “Buy” rating and $49 price target.
• Insiders bought 3.73 million shares worth approximately $56.3 million during the last quarter, including major purchases by director Behzad Aghazadeh and shareholder Bio Fund II.

Scribe Therapeutics Inc. (NASDAQ:SCTX - Get Free Report) shares were up 7.6% on Thursday . The stock traded as high as $33.86 and last traded at $33.41. Approximately 25,826 shares traded hands during trading, a decline of 87% from the average session volume of 200,512 shares. The stock had previously closed at $31.05.

Wall Street Analysts Forecast Growth

SCTX has been the topic of several analyst reports. Wall Street Zen raised Scribe Therapeutics to a "hold" rating in a research report on Saturday, August 1st. Guggenheim assumed coverage on Scribe Therapeutics in a report on Tuesday. They issued a "buy" rating and a $50.00 target price for the company. Leerink Partners began coverage on Scribe Therapeutics in a research note on Tuesday. They issued an "outperform" rating and a $37.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on Scribe Therapeutics in a report on Tuesday. They set an "overweight" rating and a $60.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $49.00.

Scribe Therapeutics Stock Up 21.9%

Insider Buying and Selling at Scribe Therapeutics

In other Scribe Therapeutics news, Director Behzad Aghazadeh purchased 2,383,333 shares of the firm's stock in a transaction on Friday, July 24th. The shares were acquired at an average cost of $15.15 per share, for a total transaction of $36,107,494.95. Following the completion of the transaction, the director owned 3,080,983 shares of the company's stock, valued at approximately $46,676,892.45. The trade was a 341.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the company's stock in a transaction dated Monday, July 27th. The shares were acquired at an average price of $15.00 per share, for a total transaction of $4,999,995.00. Following the purchase, the insider directly owned 2,385,075 shares in the company, valued at approximately $35,776,125. The trade was a 16.25% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 3,727,237 shares of company stock worth $56,291,746 over the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source