Scholar Rock (NASDAQ:SRRK) Shares Up 9.5% After Analyst Upgrade

Scholar Rock Holding Co. (NASDAQ:SRRK)’s stock price traded up 9.5% during trading on Monday after Piper Sandler raised their price target on the stock from $28.00 to $42.00. Piper Sandler currently has an overweight rating on the stock. Scholar Rock traded as high as $29.18 and last traded at $29.02. 1,205,993 shares changed hands during trading, an increase of 7% from the average session volume of 1,130,772 shares. The stock had previously closed at $26.51.

SRRK has been the subject of a number of other reports. Wedbush increased their price target on shares of Scholar Rock from $27.00 to $37.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. BMO Capital Markets increased their price target 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. HC Wainwright raised their target price on shares of Scholar Rock from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $31.63.

Insider Activity at Scholar Rock

In related news, CFO Edward H. Myles sold 206,240 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 161,088 shares of the company’s stock, valued at $4,278,497.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Scholar Rock news, insider Tracey Sacco sold 30,000 shares of Scholar Rock stock in a transaction that occurred 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 sale, the insider now owns 49,285 shares of the company’s stock, valued at approximately $1,262,681.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Edward H. Myles sold 206,240 shares of Scholar Rock stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the completion of the sale, the chief financial officer now directly owns 161,088 shares of the company’s stock, valued at approximately $4,278,497.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,415,340 shares of company stock valued at $40,666,088 over the last 90 days. Corporate insiders own 26.20% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. grew its position in Scholar Rock by 3.0% in the 1st quarter. American International Group Inc. now owns 28,407 shares of the company’s stock worth $505,000 after purchasing an additional 834 shares during the period. Jennison Associates LLC grew its position in Scholar Rock by 1.0% in the 1st quarter. Jennison Associates LLC now owns 138,458 shares of the company’s stock worth $2,459,000 after purchasing an additional 1,409 shares during the period. Rice Hall James & Associates LLC grew its position in shares of Scholar Rock by 3.6% during the 2nd quarter. Rice Hall James & Associates LLC now owns 46,000 shares of the company’s stock valued at $383,000 after acquiring an additional 1,594 shares during the period. ProShare Advisors LLC grew its position in shares of Scholar Rock by 11.7% during the 1st quarter. ProShare Advisors LLC now owns 15,412 shares of the company’s stock valued at $274,000 after acquiring an additional 1,620 shares during the period. Finally, ClariVest Asset Management LLC grew its position in shares of Scholar Rock by 3.0% during the 2nd quarter. ClariVest Asset Management LLC now owns 59,640 shares of the company’s stock valued at $497,000 after acquiring an additional 1,718 shares during the period. Institutional investors own 91.08% of the company’s stock.

Scholar Rock Stock Performance

The business’s 50-day moving average price is $11.51 and its 200-day moving average price is $11.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 6.04 and a current ratio of 6.04. The stock has a market cap of $2.28 billion, a P/E ratio of -13.66 and a beta of 0.82.

Scholar Rock (NASDAQ:SRRK) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.01. During the same quarter in the prior year, the company posted ($0.47) EPS. As a group, sell-side analysts expect that Scholar Rock Holding Co. will post -2.38 earnings per share for the current fiscal year.

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.