Scribe Therapeutics (NASDAQ:SCTX) Stock Price Down 4.6% – Here’s Why

Scribe Therapeutics Inc. (NASDAQ:SCTX) was down 4.6% on Tuesday . The company traded as low as $35.16 and last traded at $35.53. 71,474 shares were traded during mid-day trading, a decline of 68% from the average session volume of 226,486 shares. The stock had previously closed at $37.25.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SCTX. Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Wells Fargo & Company started 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. Leerink Partners began coverage on shares of Scribe Therapeutics in a report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price target for the company. Finally, 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 target for the company. Three 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 $49.00.

Scribe Therapeutics Price Performance

Insider Buying and Selling

In related news, Director Behzad Aghazadeh acquired 7,905 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was purchased at an average cost of $18.25 per share, for a total transaction of $144,266.25. Following the purchase, the director directly owned 3,088,888 shares in the company, valued at $56,372,206. This represents a 0.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David Parrot bought 2,666 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was bought at an average cost of $15.00 per share, for a total transaction of $39,990.00. Following the completion of the transaction, the chief financial officer directly owned 1,333 shares of the company’s stock, valued at $19,995. This trade represents a -200.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 3,727,237 shares of company stock worth $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.