Scribe Therapeutics (NASDAQ:SCTX) Rating Increased to Strong-Buy at Guggenheim

Scribe Therapeutics (NASDAQ:SCTX) was upgraded by analysts at Guggenheim to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also issued reports on SCTX. Wall Street Zen upgraded shares of 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 research report on Tuesday. They issued an “overweight” rating and a $60.00 price objective for the company. Finally, Leerink Partners assumed coverage on shares of Scribe Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $37.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, Scribe Therapeutics presently has a consensus rating of “Strong Buy” and an average target price of $49.00.

Scribe Therapeutics Price Performance

Scribe Therapeutics stock opened at $27.11 on Tuesday. Scribe Therapeutics has a 52 week low of $17.31 and a 52 week high of $27.75.

Insiders Place Their Bets

In other Scribe Therapeutics news, major shareholder Bio Fund Ii L.P. Ah purchased 333,333 shares of the firm’s stock in a transaction 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 purchase, the insider owned 2,385,075 shares in the company, valued at approximately $35,776,125. This represents a 16.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Behzad Aghazadeh purchased 2,383,333 shares of the stock in a transaction on Friday, July 24th. The stock was acquired at an average price of $15.15 per share, with a total value of $36,107,494.95. Following the acquisition, the director directly owned 3,080,983 shares in the company, valued at $46,676,892.45. This trade represents a 341.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 3,727,237 shares of company stock valued at $56,291,746.

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.