Scribe Therapeutics Inc. (NASDAQ:SCTX) Stock Has Consensus Price Target of $51.75 According to Analysts

Scribe Therapeutics Inc. (NASDAQ:SCTX) has been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $51.75.

SCTX has been the subject of a number of research analyst reports. Leerink Partners initiated coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective for the company. Zacks Research upgraded Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st. Guggenheim began coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price target for the company. Wells Fargo & Company began coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price target for the company. Finally, HC Wainwright assumed coverage on shares of Scribe Therapeutics in a research report on Monday, August 31st. They set a “buy” rating and a $60.00 price target on the stock.

Insiders Place Their Bets

In other Scribe Therapeutics news, Director Carl L. Gordon acquired 1,000,000 shares of the company’s stock in a transaction on Monday, July 27th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the director directly owned 1,348,825 shares of the company’s stock, valued at $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Parrot acquired 2,666 shares of the company’s stock in a transaction on Thursday, July 23rd. The shares were acquired at an average price of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the acquisition, 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 SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 3,727,237 shares of company stock worth $56,291,746.

Scribe Therapeutics Stock Down 20.1%

Scribe Therapeutics stock opened at $18.41 on Monday. Scribe Therapeutics has a 52 week low of $17.31 and a 52 week high of $39.60. The firm has a fifty day simple moving average of $26.41.

Scribe Therapeutics (NASDAQ:SCTX) last released its earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.20) by $2.36. The company had revenue of $1.92 million during the quarter, compared to analysts’ expectations of $3.10 million. Research analysts predict that Scribe Therapeutics will post -3.68 EPS for the current year.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.