Scholar Rock (NASDAQ:SRRK – Get Free Report) had its target price raised by stock analysts at HC Wainwright from $35.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 46.09% from the company’s current price.
Other analysts also recently issued research reports about the stock. BMO Capital Markets raised their price objective on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. JPMorgan Chase & Co. raised their price objective on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Piper Sandler raised their price objective on shares of Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Finally, Wedbush reiterated an “outperform” rating and issued a $37.00 price target on shares of Scholar Rock in a report on Monday, November 4th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $34.00.
Read Our Latest Stock Analysis on Scholar Rock
Scholar Rock Trading Up 2.7 %
Insider Transactions at Scholar Rock
In other news, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 5,612,896 shares of the company’s stock, valued at approximately $164,177,208. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the company’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 transaction, the director now directly owns 5,612,896 shares of the company’s stock, valued at $164,177,208. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tracey Sacco sold 30,000 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $25.62, for a total value of $768,600.00. Following the completion of the transaction, the insider now directly owns 49,285 shares in the company, valued at approximately $1,262,681.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,415,340 shares of company stock valued at $40,666,088. Corporate insiders own 19.20% of the company’s stock.
Institutional Investors Weigh In On Scholar Rock
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Scholar Rock by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $25,000 after purchasing an additional 514 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Scholar Rock during the 2nd quarter worth about $98,000. Hsbc Holdings PLC purchased a new stake in shares of Scholar Rock during the 2nd quarter worth about $100,000. Point72 DIFC Ltd purchased a new stake in shares of Scholar Rock during the 2nd quarter worth about $103,000. Finally, Creative Planning purchased a new stake in shares of Scholar Rock during the 3rd quarter worth about $115,000. 91.08% of the stock is owned by institutional investors and hedge funds.
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.
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