Scholar Rock (NASDAQ:SRRK) Given New $40.00 Price Target at HC Wainwright

Scholar Rock (NASDAQ:SRRK) had its target price boosted by HC Wainwright from $35.00 to $40.00 in a research report released on Tuesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other brokerages have also commented on SRRK. BMO Capital Markets upped their price objective on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, October 11th. Piper Sandler boosted their price objective on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Wedbush reissued an “outperform” rating and set a $37.00 target price on shares of Scholar Rock in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. lifted their target price on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $34.00.

Scholar Rock Stock Performance

Shares of Scholar Rock stock opened at $26.66 on Tuesday. The business’s fifty day simple moving average is $19.49 and its 200-day simple moving average is $13.33. The company has a quick ratio of 6.04, a current ratio of 6.04 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.13 billion, a PE ratio of -12.01 and a beta of 0.47. Scholar Rock has a 52 week low of $6.76 and a 52 week high of $35.38.

Insider Buying and Selling

In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the 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 owns 5,612,896 shares of the company’s stock, valued at $164,177,208. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Scholar Rock 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 sale, the chief financial officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction on Monday, October 7th. The shares were 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 of the company’s stock, valued at approximately $164,177,208. The trade was 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 worth $40,666,088 over the last 90 days. 19.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Scholar Rock

A number of institutional investors and hedge funds have recently bought and sold shares of SRRK. Redmile Group LLC increased its position in shares of Scholar Rock by 0.3% during the first quarter. Redmile Group LLC now owns 6,419,610 shares of the company’s stock worth $114,012,000 after purchasing an additional 17,105 shares in the last quarter. Vanguard Group Inc. increased its position in Scholar Rock by 4.0% during the first quarter. Vanguard Group Inc. now owns 2,969,534 shares of the company’s stock worth $52,739,000 after buying an additional 114,550 shares during the period. Millennium Management LLC lifted its stake 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 last quarter. Hood River Capital Management LLC boosted its holdings in shares of Scholar Rock by 5.1% in the second quarter. Hood River Capital Management LLC now owns 832,792 shares of the company’s stock valued at $6,937,000 after acquiring an additional 40,745 shares during the period. Finally, abrdn plc grew its position in shares of Scholar Rock by 28.2% during the third quarter. abrdn plc now owns 748,489 shares of the company’s stock worth $5,995,000 after acquiring an additional 164,715 shares during the last quarter. 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.