SCTX IPO Sends Scribe Therapeutics Stock Soaring 67% on First Day

Scribe Therapeutics made its market debut on Nasdaq under the ticker SCTX, selling 8.58 million shares at $15 each to raise $128.7 million in gross proceeds.

The company's stock price surged 67% on its first day of trading as investors showed enthusiasm for the biotech firm's epigenetic silencing technology.

Scribe's approach focuses on telling certain genes to be quiet without permanently altering DNA, a key differentiator in the field.

The company has two lead candidates: STX-1150, which is currently in Phase 1 clinical trials for LDL cholesterol reduction, and STX-1200, a preclinical program targeting lipoprotein(a) levels.