Scribe Therapeutics Inc.’s Quiet Period Set To End on September 2nd (NASDAQ:SCTX)

Scribe Therapeutics’ (NASDAQ:SCTX) quiet period will end on Wednesday, September 2nd. Scribe Therapeutics had issued 8,580,000 shares in its IPO 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 that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analysts Set New Price Targets

A number of brokerages recently 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 Scribe Therapeutics in a research report on Tuesday, August 18th. They issued an “overweight” rating and a $60.00 price target for the company. Leerink Partners began coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price target for the company. Finally, Guggenheim began coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $50.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $49.00.

Scribe Therapeutics Stock Down 1.4%

Scribe Therapeutics stock opened at $28.44 on Friday. Scribe Therapeutics has a fifty-two week low of $17.31 and a fifty-two week high of $39.60.

Insiders Place Their Bets

In other Scribe Therapeutics news, Director Behzad Aghazadeh acquired 2,383,333 shares of the business’s stock in a transaction that occurred 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 transaction, the director owned 3,080,983 shares of the company’s stock, valued at approximately $46,676,892.45. This trade represents a 341.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl L. Gordon bought 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost 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 $20,232,375. This trade represents a 286.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 3,727,237 shares of company stock worth $56,291,746 over the last quarter.

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.