HC Wainwright Initiates Coverage on Scribe Therapeutics (NASDAQ:SCTX)

HC Wainwright assumed coverage on shares of Scribe Therapeutics (NASDAQ:SCTX) in a report released on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 110.97% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Guggenheim began coverage on shares of Scribe Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $50.00 target price for the company. Wall Street Zen upgraded 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 price target for the company. Finally, Leerink Partners began coverage on Scribe Therapeutics in a report on Tuesday, August 18th. They set an “outperform” rating and a $37.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Scribe Therapeutics currently has an average rating of “Buy” and a consensus price target of $51.75.

Scribe Therapeutics Stock Performance

NASDAQ:SCTX opened at $28.44 on Monday. Scribe Therapeutics has a twelve month low of $17.31 and a twelve month high of $39.60.

Insider Buying and Selling at Scribe Therapeutics

In other Scribe Therapeutics news, Director Behzad Aghazadeh purchased 2,383,333 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $15.15 per share, with a total value 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. The trade was a 341.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of $15.00 per share, for a total transaction of $4,999,995.00. Following the purchase, the insider directly owned 2,385,075 shares of the company’s stock, valued at $35,776,125. This represents a 16.25% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 3,727,237 shares of company stock valued at $56,291,746.

About Scribe Therapeutics

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.