Wedbush Boosts Scholar Rock (NASDAQ:SRRK) Price Target to $37.00

Scholar Rock (NASDAQ:SRRK) had its price target upped by Wedbush from $27.00 to $37.00 in a report published on Monday, Benzinga reports. The firm currently has an outperform rating on the stock. Wedbush also issued estimates for Scholar Rock’s Q3 2024 earnings at ($0.54) EPS, Q4 2024 earnings at ($0.50) EPS, FY2024 earnings at ($2.24) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($0.12) EPS and FY2028 earnings at $0.33 EPS.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lowered their target price on Scholar Rock from $20.00 to $18.00 and set an overweight rating for the company in a research note on Thursday, October 3rd. HC Wainwright upped their target price on shares of Scholar Rock from $30.00 to $35.00 and gave the stock a buy rating in a research note on Monday. Finally, BMO Capital Markets lifted their price target on shares of Scholar Rock from $31.00 to $34.00 and gave the stock an outperform rating in a research note on Friday, August 9th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $27.75.

Scholar Rock Stock Performance

NASDAQ SRRK opened at $26.14 on Monday. The company has a market cap of $2.08 billion, a P/E ratio of -12.51 and a beta of 0.82. Scholar Rock has a 1-year low of $6.48 and a 1-year high of $35.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 6.04 and a quick ratio of 6.04. The stock has a 50-day moving average of $10.35 and a two-hundred day moving average of $11.09.

Scholar Rock (NASDAQ:SRRK) last released its 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 quarter last year, the business earned ($0.47) EPS. As a group, analysts anticipate that Scholar Rock will post -2.39 EPS for the current year.

Insider Activity

In related news, insider Tracey Sacco sold 30,000 shares of Scholar Rock 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 sale, 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 Securities & Exchange Commission, which is available through the SEC website. In other news, insider Tracey Sacco sold 30,000 shares of Scholar Rock 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 sale, the insider now owns 49,285 shares in the company, valued at approximately $1,262,681.70. 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 accessible through this link. Also, CFO Edward H. Myles sold 206,240 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $26.56, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,415,340 shares of company stock worth $40,666,088. Corporate insiders own 26.20% of the company’s stock.

Institutional Trading of Scholar Rock

Several institutional investors and hedge funds have recently bought and sold shares of SRRK. Price T Rowe Associates Inc. MD raised its holdings in shares of 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. Clearbridge Investments LLC purchased a new stake in Scholar Rock during the 2nd quarter valued at approximately $6,223,000. Candriam S.C.A. acquired a new stake in Scholar Rock during the 2nd quarter worth approximately $6,201,000. Millennium Management LLC grew 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 valued at $7,710,000 after purchasing an additional 568,512 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Scholar Rock by 1,051.3% in the second quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock valued at $4,059,000 after purchasing an additional 444,961 shares during the period. Hedge funds and other institutional investors 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.