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

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

Analyst Ratings Changes

SCTX has been the subject of several recent research reports. Zacks Research raised Scribe Therapeutics to a “hold” rating in a report on Tuesday, September 1st. Guggenheim assumed coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $50.00 price objective on the stock. Wells Fargo & Company initiated coverage on Scribe Therapeutics in a research report on Tuesday, August 18th. They set an “overweight” rating and a $60.00 price objective on the stock. Leerink Partners initiated coverage on Scribe Therapeutics in a research note on Tuesday, August 18th. They set an “outperform” rating and a $37.00 price objective for the company. Finally, Wall Street Zen raised shares of Scribe Therapeutics to a “hold” rating in a report on Saturday, August 1st. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Scribe Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Scribe Therapeutics Price Performance

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

Insider Activity at Scribe Therapeutics

In related news, CFO David Parrot bought 2,666 shares of the stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average price of $15.00 per share, with a total value of $39,990.00. Following the completion of the acquisition, the chief financial officer owned 1,333 shares of the company’s stock, valued at $19,995. This represents a -200.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bio Fund Ii L.P. Ah bought 333,333 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average cost of $15.00 per share, with a total value of $4,999,995.00. Following the completion of 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 position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 3,727,237 shares of company stock worth $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.