Scholar Rock (NASDAQ:SRRK) Price Target Raised to $47.00 at Wedbush

Scholar Rock (NASDAQ:SRRK) had its target price boosted by investment analysts at Wedbush from $40.00 to $47.00 in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target suggests a potential upside of 26.82% from the stock’s current price.

Several other research analysts have also weighed in on SRRK. Piper Sandler lifted their price objective on Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. lifted 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 boosted their target price on Scholar Rock from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. BMO Capital Markets boosted their target price on Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, October 11th. Finally, Truist Financial boosted their target price on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.43.

Scholar Rock Stock Performance

SRRK stock opened at $37.06 on Monday. The stock has a 50-day moving average price of $23.12 and a 200-day moving average price of $14.21. Scholar Rock has a 1-year low of $6.76 and a 1-year high of $43.38. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63. The firm has a market cap of $3.47 billion, a PE ratio of -15.83 and a beta of 0.47.

Insider Activity at Scholar Rock

In other Scholar Rock news, Director Srinivas Akkaraju sold 1,175,713 shares of Scholar Rock stock in a transaction dated 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 transaction, the director now owns 5,612,896 shares in the company, valued at approximately $164,177,208. The trade was a 17.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tracey Sacco sold 30,000 shares of Scholar Rock stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $25.62, for a total value of $768,600.00. Following the transaction, the insider now owns 49,285 shares of the company’s stock, valued at $1,262,681.70. This trade represents a 37.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,413,889 shares of company stock valued at $40,652,551 in the last three months. Corporate insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Scholar Rock

A number of hedge funds have recently added to or reduced their stakes in SRRK. Clearbridge Investments LLC acquired a new position in Scholar Rock during the 2nd quarter valued at about $6,223,000. Candriam S.C.A. purchased a new position in shares of Scholar Rock in the 2nd quarter worth approximately $6,201,000. Fisher Asset Management LLC boosted its stake in shares of 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 shares of Scholar Rock by 159.2% in the 2nd 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 during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Scholar Rock by 1,051.3% in the 2nd quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock worth $4,059,000 after buying an additional 444,961 shares during the last quarter. Institutional investors and hedge funds 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.