Scholar Rock (NASDAQ:SRRK) Given New $38.00 Price Target at BMO Capital Markets

Scholar Rock (NASDAQ:SRRK) had its price target lifted by equities researchers at BMO Capital Markets from $34.00 to $38.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price indicates a potential upside of 51.15% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Scholar Rock from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Wedbush raised their target price on Scholar Rock from $27.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday. Finally, HC Wainwright increased their price objective on shares of Scholar Rock from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Scholar Rock presently has an average rating of “Buy” and an average price target of $28.25.

Scholar Rock Stock Down 3.8 %

SRRK stock traded down $1.00 during trading on Friday, hitting $25.14. 1,356,914 shares of the company’s stock traded hands, compared to its average volume of 1,122,543. The firm has a market capitalization of $2.01 billion, a P/E ratio of -11.32 and a beta of 0.82. The company has a quick ratio of 6.04, a current ratio of 6.04 and a debt-to-equity ratio of 0.36. Scholar Rock has a 1 year low of $6.48 and a 1 year high of $35.38. The business has a fifty day simple moving average of $10.35 and a two-hundred day simple moving average of $11.09.

Scholar Rock (NASDAQ:SRRK) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.01. During the same period last year, the company earned ($0.47) EPS. Sell-side analysts anticipate that Scholar Rock will post -2.38 EPS for the current year.

Insider Activity

In related news, insider Tracey Sacco sold 30,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $25.62, for a total transaction of $768,600.00. Following the completion of the transaction, the insider now directly owns 49,285 shares in the company, valued at $1,262,681.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 5,612,896 shares in the company, valued at $164,177,208. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $768,600.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 1,415,340 shares of company stock valued at $40,666,088. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Scholar Rock

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in Scholar Rock by 16.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,321,471 shares of the company’s stock valued at $156,444,000 after buying an additional 1,149,519 shares during the last quarter. Redmile Group LLC lifted its position in Scholar Rock by 0.3% in the first quarter. Redmile Group LLC now owns 6,419,610 shares of the company’s stock valued at $114,012,000 after purchasing an additional 17,105 shares during the period. Vanguard Group Inc. grew its holdings 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 acquiring an additional 114,550 shares during the period. Goldman Sachs Group Inc. raised its position in Scholar Rock by 31.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,430,764 shares of the company’s stock worth $26,898,000 after acquiring an additional 342,690 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Scholar Rock by 159.2% during the 2nd quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock worth $7,710,000 after purchasing an additional 568,512 shares during the period. Hedge funds and other institutional investors own 91.08% of the company’s stock.

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.