Scribe Therapeutics (NASDAQ:SCTX) Trading Down 3.7% – Time to Sell?

Scribe Therapeutics Inc. (NASDAQ:SCTX) traded down 3.7% on Tuesday . The stock traded as low as $25.00 and last traded at $27.00. 205,528 shares changed hands during trading, a decline of 26% from the average daily volume of 276,798 shares. The stock had previously closed at $28.05.

Analyst Ratings Changes

SCTX has been the topic of a number of research analyst reports. Guggenheim assumed coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price objective on the stock. Zacks Research raised shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. Leerink Partners started coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price objective for the company. Finally, HC Wainwright assumed coverage on Scribe Therapeutics in a report on Monday, August 31st. They set a “buy” rating and a $60.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Stock Up 3.4%

The business’s 50 day moving average is $26.98.

Scribe Therapeutics (NASDAQ:SCTX) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($6.20) by $2.36. The business had revenue of $1.92 million for the quarter, compared to analyst estimates of $3.10 million. On average, analysts expect that Scribe Therapeutics Inc. will post -3.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Scribe Therapeutics

In related news, Director Carl L. Gordon purchased 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average price of $15.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the director directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Behzad Aghazadeh acquired 7,905 shares of Scribe Therapeutics stock in a transaction on Tuesday, July 28th. The shares were bought at an average cost of $18.25 per share, with a total value of $144,266.25. Following the completion of the purchase, the director owned 3,088,888 shares in the company, valued at $56,372,206. The trade was a 0.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 3,727,237 shares of company stock worth $56,291,746 over the last three months.

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.