Truist Financial Increases Scholar Rock (NASDAQ:SRRK) Price Target to $45.00

Scholar Rock (NASDAQ:SRRK) had its price target raised by equities research analysts at Truist Financial from $36.00 to $45.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 13.46% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Wedbush reissued an “outperform” rating and issued a $37.00 price target on shares of Scholar Rock in a research note on Monday, November 4th. JPMorgan Chase & Co. raised their price target on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Piper Sandler upped their price objective on Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. BMO Capital Markets raised their price objective on Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, October 11th. Finally, HC Wainwright boosted their price objective on shares of Scholar Rock from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Six 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, the company has a consensus rating of “Buy” and an average price target of $37.57.

Scholar Rock Price Performance

SRRK stock traded up $9.74 during mid-day trading on Monday, reaching $39.66. 3,624,144 shares of the company traded hands, compared to its average volume of 1,138,283. The company has a fifty day moving average price of $22.52 and a 200-day moving average price of $14.04. The company has a market capitalization of $3.71 billion, a P/E ratio of -16.88 and a beta of 0.47. 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 52-week low of $6.76 and a 52-week high of $43.38.

Insiders Place Their Bets

In related news, CFO Edward H. Myles sold 206,240 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the transaction, the chief financial officer now owns 161,088 shares in the company, valued at $4,278,497.28. This represents a 56.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Srinivas Akkaraju sold 1,175,713 shares of Scholar Rock stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $29.25, for a total transaction of $34,389,605.25. Following the completion of the sale, the director now directly owns 5,612,896 shares of the company’s stock, valued at approximately $164,177,208. This trade represents a 17.32 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,413,889 shares of company stock valued at $40,652,551. Corporate insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

Several institutional investors and hedge funds have recently modified their holdings of SRRK. Vanguard Group Inc. increased its position in Scholar Rock by 4.0% in the first quarter. Vanguard Group Inc. now owns 2,969,534 shares of the company’s stock worth $52,739,000 after purchasing an additional 114,550 shares during the last quarter. American International Group Inc. raised its position in Scholar Rock by 3.0% during the 1st quarter. American International Group Inc. now owns 28,407 shares of the company’s stock valued at $505,000 after purchasing an additional 834 shares in the last quarter. Bayesian Capital Management LP bought a new position in Scholar Rock during the 1st quarter worth about $258,000. Kennedy Capital Management LLC bought a new position in shares of Scholar Rock during the first quarter valued at approximately $4,900,000. Finally, Jane Street Group LLC raised its stake in Scholar Rock by 95.5% in the first quarter. Jane Street Group LLC now owns 244,318 shares of the company’s stock worth $4,339,000 after buying an additional 119,363 shares in the last quarter. 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.