Scholar Rock (NASDAQ:SRRK) Given New $47.00 Price Target at Wedbush

Scholar Rock (NASDAQ:SRRK) had its price objective upped by research analysts at Wedbush from $40.00 to $47.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price target would suggest a potential upside of 18.84% from the stock’s current price.

A number of other research firms also recently weighed in on SRRK. BMO Capital Markets raised their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. Piper Sandler upped their price target on shares of Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price objective on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. HC Wainwright lifted their price target on Scholar Rock from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Truist Financial raised their price objective on shares of Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $39.00.

Scholar Rock Price Performance

NASDAQ:SRRK traded up $9.63 during mid-day trading on Monday, reaching $39.55. The stock had a trading volume of 4,411,682 shares, compared to its average volume of 1,142,457. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.88 and a quick ratio of 3.88. Scholar Rock has a 12 month low of $6.76 and a 12 month high of $43.38. The stock has a market capitalization of $3.70 billion, a PE ratio of -16.83 and a beta of 0.47. The stock has a 50-day simple moving average of $22.52 and a two-hundred day simple moving average of $14.04.

Insider Buying and Selling at Scholar Rock

In other Scholar Rock news, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 5,612,896 shares in the company, valued at $164,177,208. This represents a 17.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Edward H. Myles sold 206,240 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $26.56, for a total value of $5,477,734.40. Following the transaction, the chief financial officer now directly owns 161,088 shares of the company’s stock, valued at $4,278,497.28. The trade was a 56.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,413,889 shares of company stock worth $40,652,551. Corporate insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Scholar Rock

Institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC bought a new position in Scholar Rock in the second quarter valued at $6,223,000. Candriam S.C.A. bought a new position in shares of Scholar Rock during the 2nd quarter valued at about $6,201,000. Fisher Asset Management LLC lifted its position in Scholar Rock by 593.6% in the 3rd quarter. Fisher Asset Management LLC now owns 734,019 shares of the company’s stock worth $5,879,000 after buying an additional 628,186 shares during the last quarter. Millennium Management LLC boosted its stake in Scholar Rock by 159.2% in the second quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock worth $7,710,000 after buying an additional 568,512 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Scholar Rock by 1,051.3% during the second quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock valued at $4,059,000 after acquiring an additional 444,961 shares during the last quarter. Institutional investors own 91.08% of the company’s stock.

Scholar Rock Company Profile

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.