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

Scribe Therapeutics Inc. (NASDAQ:SCTX) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $51.75.

A number of research analysts have commented on the stock. Zacks Research raised shares of Scribe Therapeutics to a “hold” rating in a research report on Tuesday, September 1st. Weiss Ratings initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday. They issued a “sell (e-)” rating for the company. Wall Street Zen raised Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company assumed coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, HC Wainwright began coverage on Scribe Therapeutics in a report on Monday, August 31st. They issued a “buy” rating and a $60.00 price target for the company.

Insider Activity

In other news, Director Behzad Aghazadeh acquired 7,905 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was acquired 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 of the company’s stock, valued at $56,372,206. This represents a 0.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Carl L. Gordon purchased 1,000,000 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was acquired at an average cost of $15.00 per share, with a total value of $15,000,000.00. Following the transaction, the director directly owned 1,348,825 shares in the company, valued at $20,232,375. This trade represents a 286.68% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 1,341,238 shares of company stock valued at $20,144,261 in the last 90 days.

Scribe Therapeutics Stock Performance

Scribe Therapeutics stock opened at $17.96 on Friday. The company has a market cap of $339.98 million and a P/E ratio of -1.65. Scribe Therapeutics has a twelve month low of $13.50 and a twelve month high of $39.60. The business has a 50-day simple moving average of $25.39.

Scribe Therapeutics (NASDAQ:SCTX) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) EPS for the quarter, beating the consensus estimate of ($6.20) by $2.36. The firm had revenue of $1.92 million for the quarter, compared to the consensus estimate of $3.10 million. As a group, sell-side analysts forecast that Scribe Therapeutics will post -3.68 earnings per share 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 CRISPR systems for improved precision, efficiency, delivery and safety in therapeutic applications.

Scribe’s research has included gene-editing approaches intended to address genetic and other serious diseases, with potential applications in areas such as neurology and immunology. Its technology portfolio is based on proprietary CRISPR systems and related delivery and editing capabilities, and the company has pursued collaborations with pharmaceutical and biotechnology partners.

Scribe Therapeutics was founded in 2018 and is headquartered in Alameda, California.