Scribe Therapeutics Inc.’s (NASDAQ:SCTX) Quiet Period Will Expire Tomorrow

Scribe Therapeutics’ (NASDAQ:SCTX) quiet period is set to expire on Wednesday, September 2nd. Scribe Therapeutics had issued 8,580,000 shares in its initial public offering on July 24th. The total size of the offering was $128,700,000 based on an initial share price of $15.00. During the company’s quiet period, insiders and any underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analysts Set New Price Targets

A number of equities research analysts have commented on SCTX shares. Wall Street Zen upgraded Scribe Therapeutics to a “hold” rating in a research note on Saturday, August 1st. HC Wainwright initiated coverage on Scribe Therapeutics in a research note on Monday. They set a “buy” rating and a $60.00 price target on the stock. Guggenheim began 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. Leerink Partners assumed coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price objective for the company. Finally, Wells Fargo & Company initiated coverage on shares of Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Scribe Therapeutics has a consensus rating of “Buy” and an average target price of $51.75.

Scribe Therapeutics Stock Performance

NASDAQ SCTX opened at $30.54 on Tuesday. Scribe Therapeutics has a 1 year low of $17.31 and a 1 year high of $39.60.

Insider Transactions at Scribe Therapeutics

In other news, Director Carl L. Gordon acquired 1,000,000 shares of Scribe Therapeutics stock in a transaction dated Monday, July 27th. The stock was purchased at an average cost of $15.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Bio Fund Ii L.P. Ah bought 333,333 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were purchased at an average cost of $15.00 per share, with a total value of $4,999,995.00. Following the acquisition, the insider directly owned 2,385,075 shares of the company’s stock, valued at approximately $35,776,125. This trade represents a 16.25% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 3,727,237 shares of company stock worth $56,291,746 in 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.