Scholar Rock (NASDAQ:SRRK) Price Target Raised to $63.00

Scholar Rock (NASDAQ:SRRK) had its price target upped by JPMorgan Chase & Co. from $56.00 to $63.00 in a research note released on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also issued reports on SRRK. Canaccord Genuity Group started coverage on shares of Scholar Rock in a research report on Monday, April 20th. They issued a “buy” rating and a $62.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Scholar Rock in a report on Friday, July 17th. Citigroup lifted their price objective on shares of Scholar Rock from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $65.00 target price on shares of Scholar Rock in a report on Monday, August 10th. Finally, Wedbush reissued an “outperform” rating and set a $58.00 target price on shares of Scholar Rock in a report on Monday, August 10th. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $57.71.

Scholar Rock Trading Down 1.0%

Shares of Scholar Rock stock opened at $52.52 on Thursday. Scholar Rock has a 52-week low of $27.07 and a 52-week high of $58.49. The stock’s 50-day simple moving average is $50.80 and its 200 day simple moving average is $48.10. The stock has a market capitalization of $6.40 billion, a P/E ratio of -15.22 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 8.64 and a current ratio of 7.02.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.84) EPS for the quarter, meeting the consensus estimate of ($0.84). During the same quarter in the previous year, the company earned ($0.98) EPS. As a group, research analysts anticipate that Scholar Rock will post -3.26 EPS for the current year.

Insider Buying and Selling at Scholar Rock

In other news, Director Jeffrey S. Flier sold 3,053 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $53.88, for a total value of $164,495.64. Following the sale, the director directly owned 27,856 shares of the company’s stock, valued at approximately $1,500,881.28. This represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Michael Gilman sold 2,544 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $53.87, for a total transaction of $137,045.28. Following the completion of the transaction, the director owned 59,511 shares of the company’s stock, valued at $3,205,857.57. This trade represents a 4.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 17,149 shares of company stock worth $923,108. 10.30% of the stock is owned by corporate insiders.

Institutional Trading of Scholar Rock

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Scholar Rock in the 2nd quarter worth approximately $522,175,000. Redmile Group LLC grew its position in shares of Scholar Rock by 73.7% during the 1st quarter. Redmile Group LLC now owns 9,066,621 shares of the company’s stock valued at $445,715,000 after purchasing an additional 3,845,775 shares in the last quarter. Orbis Allan Gray Ltd grew its position in shares of Scholar Rock by 1,034.5% during the 4th quarter. Orbis Allan Gray Ltd now owns 3,428,929 shares of the company’s stock valued at $151,044,000 after purchasing an additional 3,126,677 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Scholar Rock by 124.5% in the third quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock worth $169,289,000 after purchasing an additional 2,521,022 shares during the period. Finally, Jupiter Topco LLC bought a new position in shares of Scholar Rock in the second quarter worth $123,279,000. Institutional investors own 91.08% of the company’s stock.

Scholar Rock Company Profile

Scholar Rock is a clinical-stage biotechnology company focused on the discovery and development of protein therapeutics that selectively target growth factors involved in disease processes. The company’s research platform is designed to modulate endogenous growth factor activation and signaling with high specificity, aiming to restore normal biological function across a range of disorders. Scholar Rock’s approach is distinguished by its emphasis on engineering antibodies and biologics that interact with growth factor precursors or latent complexes rather than the active form, potentially offering improved safety and efficacy profiles.

The company’s lead program, SRK-015 (appercept), is an investigational monoclonal antibody targeting the activation of latent myostatin proproteins and is being evaluated for the treatment of spinal muscular atrophy (SMA).