Scribe Therapeutics (NASDAQ:SCTX) Trading Down 5.7% – Should You Sell?

Scribe Therapeutics Inc. (NASDAQ:SCTX) traded down 5.7% on Friday . The stock traded as low as $29.05 and last traded at $29.05. 76,183 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 224,100 shares. The stock had previously closed at $30.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a research note on Tuesday. Wall Street Zen raised Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Leerink Partners started coverage on Scribe Therapeutics in a report on Tuesday, August 18th. 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, August 18th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, HC Wainwright assumed coverage on shares of Scribe Therapeutics in a research report on Monday. They set a “buy” rating and a $60.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Scribe Therapeutics Stock Performance

Scribe Therapeutics (NASDAQ:SCTX) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, beating analysts’ consensus estimates of ($6.20) by $2.36. The firm had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. On average, sell-side analysts predict that Scribe Therapeutics Inc. will post -6.72 EPS for the current fiscal year.

Insider Activity at Scribe Therapeutics

In related news, CFO David Parrot acquired 2,666 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The shares were bought at an average cost of $15.00 per share, with a total value of $39,990.00. Following the completion of the purchase, the chief financial officer directly owned 1,333 shares in the company, valued at $19,995. The trade was a -200.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of Scribe Therapeutics stock in a transaction on Monday, July 27th. The stock was purchased 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 3,727,237 shares of company stock valued at $56,291,746 over the last three months.

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.