Scribe Therapeutics (NASDAQ:SCTX) Sets New 52-Week High After Analyst Upgrade

Scribe Therapeutics Inc. (NASDAQ:SCTX)’s stock price reached a new 52-week high on Wednesday after Guggenheim upgraded the stock to a strong-buy rating. The company traded as high as $28.81 and last traded at $28.63, with a volume of 77834 shares changing hands. The stock had previously closed at $27.11.

A number of other research analysts also recently commented on SCTX. Wall Street Zen raised Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company began coverage on Scribe Therapeutics in a report on Tuesday. They set an “overweight” rating and a $60.00 price objective on the stock. Finally, Leerink Partners began coverage on Scribe Therapeutics in a research report on Tuesday. They issued an “outperform” rating and a $37.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $49.00.

Insider Transactions at Scribe Therapeutics

In other news, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 2,385,075 shares in the company, valued at approximately $35,776,125. The trade was a 16.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Parrot acquired 2,666 shares of Scribe Therapeutics stock in a transaction that occurred on Thursday, July 23rd. The shares were purchased at an average price of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the purchase, the chief financial officer directly owned 1,333 shares of the company’s stock, valued at $19,995. The trade was a -200.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 3,727,237 shares of company stock worth $56,291,746 in the last quarter.

Scribe Therapeutics Stock Up 5.0%

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.