Scribe Therapeutics (NASDAQ:SCTX) Shares Gap Up – Time to Buy?

Scribe Therapeutics Inc. (NASDAQ:SCTX) gapped up prior to trading on Monday . The stock had previously closed at $34.13, but opened at $35.76. Scribe Therapeutics shares last traded at $37.03, with a volume of 57,348 shares changing hands.

Analyst Ratings Changes

SCTX has been the topic of several analyst reports. Guggenheim assumed coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $50.00 target price on the stock. Wells Fargo & Company started coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price objective for the company. Leerink Partners initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective on the stock. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $49.00.

Scribe Therapeutics Price Performance

Insiders Place Their Bets

In other Scribe Therapeutics news, Director Behzad Aghazadeh acquired 2,383,333 shares of Scribe Therapeutics stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average cost of $15.15 per share, with a total value of $36,107,494.95. Following the completion of the purchase, the director directly owned 3,080,983 shares of the company’s stock, valued at $46,676,892.45. This represents a 341.62% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carl L. Gordon bought 1,000,000 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was acquired at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the director owned 1,348,825 shares of the company’s stock, valued at approximately $20,232,375. The trade was a 286.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 3,727,237 shares of company stock worth $56,291,746 over 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.