Scribe Therapeutics (NASDAQ:SCTX) Upgraded at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Scribe Therapeutics to “strong buy,” while Leerink Partners and Guggenheim initiated coverage with “outperform” and “buy” ratings, respectively. Analysts’ average rating is “Strong Buy,” with an average price target of $49.
• SCTX shares rose 27.9%, opening at $27.11 and nearing their 52-week high of $27.75.
• Insiders have made significant purchases, acquiring 3.73 million shares worth approximately $56.3 million over the past 90 days, including major purchases by Bio Fund II and director Carl L. Gordon.

Scribe Therapeutics (NASDAQ:SCTX - Get Free Report) was upgraded by equities research analysts at Wells Fargo & Company to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts have also recently commented on the stock. Leerink Partners assumed coverage on shares of Scribe Therapeutics in a research report on Tuesday. They set an "outperform" rating and a $37.00 price target on the stock. Guggenheim started coverage on shares of Scribe Therapeutics in a report on Tuesday. They set a "buy" rating and a $50.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Scribe Therapeutics to a "hold" rating in a research report on Saturday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat.com, Scribe Therapeutics presently has an average rating of "Strong Buy" and an average target price of $49.00.

Scribe Therapeutics Stock Up 27.9%

Shares of NASDAQ SCTX opened at $27.11 on Tuesday. Scribe Therapeutics has a 1-year low of $17.31 and a 1-year high of $27.75.

Insider Buying and Selling

In related news, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the firm's stock in a transaction on Monday, July 27th. The shares were acquired at an average cost of $15.00 per share, with a total value of $4,999,995.00. Following the purchase, the insider directly owned 2,385,075 shares of the company's stock, valued at approximately $35,776,125. This trade represents a 16.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Carl L. Gordon purchased 1,000,000 shares of the firm's stock in a transaction on Monday, July 27th. The stock was bought at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director directly owned 1,348,825 shares in the company, valued at approximately $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 3,727,237 shares of company stock valued at $56,291,746 in the last 90 days.

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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