Scholar Rock’s (SRRK) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Scholar Rock (NASDAQ:SRRK) in a research note published on Wednesday,RTT News reports. They currently have a $47.00 target price on the stock.

Several other analysts have also weighed in on the company. JPMorgan Chase & Co. upped their target price on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, October 14th. BMO Capital Markets raised their target price on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, October 11th. Truist Financial upped their price target on shares of Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. HC Wainwright raised their price objective on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler upped their target price on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $40.43.

Scholar Rock Price Performance

SRRK stock opened at $40.38 on Wednesday. The company has a market cap of $3.78 billion, a price-to-earnings ratio of -17.18 and a beta of 0.52. 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 50 day moving average of $42.42 and a 200-day moving average of $25.29. Scholar Rock has a 12-month low of $6.76 and a 12-month high of $46.98.

Insider Buying and Selling at Scholar Rock

In other news, major shareholder Public Equities L.P. Invus sold 409,433 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $38.49, for a total transaction of $15,759,076.17. Following the completion of the transaction, the insider now owns 10,850,005 shares of the company’s stock, valued at $417,616,692.45. This represents a 3.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jay T. Backstrom sold 22,308 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $44.20, for a total transaction of $986,013.60. Following the completion of the sale, the chief executive officer now directly owns 330,363 shares in the company, valued at $14,602,044.60. This represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 458,974 shares of company stock worth $17,948,788. Insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SRRK. FMR LLC increased its stake in Scholar Rock by 3.1% during the third quarter. FMR LLC now owns 10,196,046 shares of the company’s stock worth $81,670,000 after acquiring an additional 308,813 shares during the last quarter. Geode Capital Management LLC increased its position in Scholar Rock by 8.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,543,025 shares of the company’s stock worth $12,361,000 after purchasing an additional 120,489 shares in the last quarter. Millennium Management LLC raised its holdings in Scholar Rock by 159.2% in the second quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock valued at $7,710,000 after buying an additional 568,512 shares during the period. abrdn plc lifted its position in Scholar Rock by 28.2% during the third quarter. abrdn plc now owns 748,489 shares of the company’s stock valued at $5,995,000 after buying an additional 164,715 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new position in Scholar Rock during the second quarter valued at approximately $6,223,000. 91.08% of the stock is owned by hedge funds and other institutional investors.

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.