Scholar Rock (NASDAQ:SRRK) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Scholar Rock (NASDAQ:SRRK) had its target price raised by analysts at JPMorgan Chase & Co. from $63.00 to $70.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 36.75% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Wedbush reiterated an “outperform” rating and issued a $64.00 target price on shares of Scholar Rock in a research note on Tuesday, September 15th. Raymond James Financial increased their price target on shares of Scholar Rock from $65.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price target on shares of Scholar Rock in a report on Monday. Citigroup lifted their price objective on shares of Scholar Rock from $60.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, September 14th. Finally, Jefferies Financial Group upped their price objective on shares of Scholar Rock from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Four investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Scholar Rock presently has an average rating of “Moderate Buy” and a consensus target price of $66.69.

Scholar Rock Price Performance

SRRK opened at $51.19 on Monday. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of -14.84 and a beta of 0.67. Scholar Rock has a 1 year low of $27.07 and a 1 year high of $61.76. The company has a current ratio of 7.02, a quick ratio of 7.02 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average price of $52.66 and a 200 day moving average price of $49.73.

Scholar Rock (NASDAQ:SRRK) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.84). During the same period last year, the business earned ($0.98) EPS. Analysts forecast that Scholar Rock will post -3.24 EPS for the current fiscal year.

Insider Activity

In other news, Director Katie Peng sold 5,446 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.88, for a total transaction of $293,430.48. Following the completion of the transaction, the director directly owned 34,301 shares in the company, valued at $1,848,137.88. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Kristina Burow sold 3,053 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $53.74, for a total value of $164,068.22. Following the completion of the sale, the director directly owned 114,657 shares of the company’s stock, valued at $6,161,667.18. This represents a 2.59% 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. Insiders have sold 17,149 shares of company stock worth $923,108 over the last 90 days. Company insiders own 10.30% of the company’s stock.

Institutional Trading of Scholar Rock

Several hedge funds and other institutional investors have recently bought and sold shares of SRRK. Engineers Gate Manager LP boosted its position in Scholar Rock by 211.3% in the second quarter. Engineers Gate Manager LP now owns 23,933 shares of the company’s stock valued at $1,316,000 after buying an additional 16,245 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Scholar Rock in the 2nd quarter worth approximately $99,000. Squarepoint Ops LLC boosted its holdings in shares of Scholar Rock by 484.5% in the 2nd quarter. Squarepoint Ops LLC now owns 291,996 shares of the company’s stock worth $16,060,000 after acquiring an additional 242,041 shares in the last quarter. Arizona State Retirement System grew its position in Scholar Rock by 20.1% during the 2nd quarter. Arizona State Retirement System now owns 20,605 shares of the company’s stock worth $1,133,000 after acquiring an additional 3,442 shares during the last quarter. Finally, Nykredit A S bought a new position in Scholar Rock in the 2nd quarter valued at $215,000. 91.08% of the stock is currently owned by institutional investors and hedge funds.

Scholar Rock Company Profile

Scholar Rock, Inc is a biopharmaceutical company focused on developing medicines that selectively target growth factors in their latent forms. The company’s approach is designed to modulate the activation of growth factors in specific tissues, with the goal of addressing diseases in which these biological pathways contribute to impaired function or abnormal tissue growth.

Scholar Rock’s lead program is apitegromab, a monoclonal antibody designed to inhibit the activation of myostatin. The company has studied apitegromab as a potential treatment for spinal muscular atrophy, a genetic neuromuscular disorder that causes progressive muscle weakness and loss of motor function.