Scholar Rock (NASDAQ:SRRK) Price Target Raised to $50.00

Scholar Rock (NASDAQ:SRRK) had its target price lifted by investment analysts at HC Wainwright from $40.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 32.56% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Wedbush lifted their price objective on shares of Scholar Rock from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday. Piper Sandler upped their target price on shares of Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. BMO Capital Markets lifted their price target on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, October 11th. Finally, Truist Financial upped their price objective on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Scholar Rock has an average rating of “Buy” and an average price target of $40.43.

Scholar Rock Stock Performance

Shares of NASDAQ SRRK opened at $37.72 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.88 and a current ratio of 3.88. The stock has a 50 day moving average price of $23.12 and a 200 day moving average price of $14.21. The stock has a market capitalization of $3.53 billion, a PE ratio of -16.05 and a beta of 0.47. Scholar Rock has a 52 week low of $6.76 and a 52 week high of $43.38.

Insider Transactions at Scholar Rock

In other news, CFO Edward H. Myles sold 206,240 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the completion of the sale, the chief financial officer now directly owns 161,088 shares in the company, valued at approximately $4,278,497.28. This represents a 56.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $29.25, for a total value of $34,389,605.25. Following the completion of the transaction, the director now owns 5,612,896 shares in the company, valued at $164,177,208. The trade was a 17.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,413,889 shares of company stock valued at $40,652,551. 19.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Scholar Rock

Institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in Scholar Rock by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $25,000 after purchasing an additional 514 shares in the last quarter. Quarry LP increased its stake in shares of Scholar Rock by 3,443.3% in the 3rd quarter. Quarry LP now owns 4,500 shares of the company’s stock valued at $36,000 after purchasing an additional 4,373 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Scholar Rock during the 2nd quarter worth $98,000. Hsbc Holdings PLC bought a new stake in shares of Scholar Rock during the 2nd quarter worth $100,000. Finally, Point72 DIFC Ltd acquired a new stake in Scholar Rock in the second quarter valued at about $103,000. Institutional investors own 91.08% of the company’s stock.

About Scholar Rock

Scholar Rock Holding Corporation, a biopharmaceutical company, focuses on the discovery, development, and delivery of medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. The company develops Apitegromab, an inhibitor of the activation of myostatin that is in Phase 3 clinical trial for the treatment of spinal muscular atrophy; and SRK-181, which has completed Phase 1 clinical trials for the treatment of cancers that are resistant to checkpoint inhibitor therapies, such as anti-PD-1 or anti-PD-L1 antibody therapies.