Scribe Therapeutics (NASDAQ:SCTX) Trading Down 7.6% – Time to Sell?

Scribe Therapeutics Inc. (NASDAQ:SCTX) shares fell 7.6% during mid-day trading on Wednesday . The stock traded as low as $29.26 and last traded at $29.26. 178,777 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 215,161 shares. The stock had previously closed at $31.66.

Wall Street Analyst Weigh In

Several research firms recently commented on SCTX. Wells Fargo & Company assumed coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price target on the stock. Wall Street Zen upgraded shares of Scribe Therapeutics to a “hold” rating in a research report on Saturday, August 1st. Zacks Research raised shares of Scribe Therapeutics to a “hold” rating in a research note on Tuesday, September 1st. HC Wainwright started coverage on Scribe Therapeutics in a research report on Monday, August 31st. They set a “buy” rating and a $60.00 target price on the stock. Finally, Leerink Partners initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $37.00 price target for the company. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Scribe Therapeutics has an average rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Trading Down 9.6%

Scribe Therapeutics (NASDAQ:SCTX) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($3.84) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($6.20) by $2.36. The company had revenue of $1.92 million during the quarter, compared to analyst estimates of $3.10 million. Research analysts predict that Scribe Therapeutics Inc. will post -3.68 EPS for the current year.

Insider Activity at Scribe Therapeutics

In related news, Director Behzad Aghazadeh purchased 2,383,333 shares of Scribe Therapeutics stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $15.15 per share, for a total transaction of $36,107,494.95. Following the transaction, the director directly owned 3,080,983 shares in the company, 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 SEC, which is available through the SEC website. Also, Director Carl L. Gordon purchased 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was bought 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 represents a 286.68% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 3,727,237 shares of company stock valued at $56,291,746.

About Scribe Therapeutics

Scribe Therapeutics is a biotechnology company focused on developing CRISPR-based genetic medicines. The company’s platform is designed to engineer gene-editing systems with the aim of improving precision, delivery and therapeutic performance for the treatment of serious diseases.

Its research includes engineered CRISPR enzymes, guide RNAs and other components intended for use in both in vivo and ex vivo gene-editing applications. Scribe has pursued programs in areas including genetic and neurological disorders, although the status and scope of individual development programs may change as research advances.

Founded in 2018, Scribe Therapeutics was established by researchers and entrepreneurs associated with the development of CRISPR technologies.