Scribe Therapeutics Soars 67% After $128M IPO

Scribe Therapeutics made a strong debut on the Nasdaq after raising $128.7 million in its initial public offering (IPO). The company's stock surged 67% on its first day of trading under the ticker SCTX, with shares selling at $15 each.

The IPO included the sale of 8.58 million shares, which was an expansion from the originally planned smaller offering due to high demand.

Scribe Therapeutics is a biotech company focused on epigenetic silencing, which involves temporarily quieting genes without altering the underlying DNA. Its lead candidate, STX-1150, is currently in Phase 1 clinical trials for LDL cholesterol reduction, and it also has a preclinical program called STX-1200 targeting lipoprotein(a) levels.