Scribe Therapeutics (NASDAQ:SCTX) Shares Down 7.6% – Should You Sell?

Scribe Therapeutics Inc. (NASDAQ:SCTX) dropped 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.

Analyst Upgrades and Downgrades

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

Scribe Therapeutics Price Performance

Scribe Therapeutics (NASDAQ:SCTX) last posted its 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 business had revenue of $1.92 million for the quarter, compared to analyst estimates of $3.10 million. Equities analysts anticipate that Scribe Therapeutics Inc. will post -3.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Bio Fund Ii L.P. Ah acquired 333,333 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was acquired at an average price of $15.00 per share, with a total value of $4,999,995.00. Following the acquisition, the insider directly owned 2,385,075 shares in the company, valued at $35,776,125. This represents a 16.25% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Behzad Aghazadeh bought 2,383,333 shares of the stock in a transaction dated Friday, July 24th. The stock was bought at an average price of $15.15 per share, for a total transaction of $36,107,494.95. Following the purchase, the director directly owned 3,080,983 shares of the company’s stock, valued at approximately $46,676,892.45. The trade was a 341.62% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 3,727,237 shares of company stock worth $56,291,746.

Scribe Therapeutics Company Profile

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.