Scholar Rock (NASDAQ:SRRK) Price Target Raised to $45.00 at Truist Financial

Scholar Rock (NASDAQ:SRRK) had its price objective hoisted by stock analysts at Truist Financial from $36.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 21.42% from the company’s previous close.

Several other research firms have also recently issued reports on SRRK. BMO Capital Markets boosted their target price on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. Wedbush reissued an “outperform” rating and set a $37.00 price target on shares of Scholar Rock in a research note on Monday, November 4th. Piper Sandler boosted their price target on Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. HC Wainwright boosted their price target on Scholar Rock from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. boosted their price target on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $40.43.

Scholar Rock Stock Performance

NASDAQ SRRK opened at $37.06 on Monday. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $23.12 and its two-hundred day moving average is $14.21. Scholar Rock has a 12-month low of $6.76 and a 12-month high of $43.38. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -15.83 and a beta of 0.47.

Insider Activity at Scholar Rock

In related news, CFO Edward H. Myles sold 206,240 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $26.56, for a total value 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 represents a 56.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $29.25, for a total value of $34,389,605.25. Following the completion of the sale, the director now directly owns 5,612,896 shares in the company, valued at approximately $164,177,208. The trade was a 17.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,413,889 shares of company stock valued at $40,652,551. 19.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. FMR LLC lifted its stake in shares of Scholar Rock by 3.1% during the 3rd quarter. FMR LLC now owns 10,196,046 shares of the company’s stock worth $81,670,000 after purchasing an additional 308,813 shares during the period. Vanguard Group Inc. increased its holdings in shares of Scholar Rock by 4.0% during the 1st 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 last quarter. Geode Capital Management LLC increased its holdings in shares of Scholar Rock by 8.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,543,025 shares of the company’s stock worth $12,361,000 after buying an additional 120,489 shares during the last quarter. Millennium Management LLC increased its holdings 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 buying an additional 568,512 shares during the last quarter. Finally, Hood River Capital Management LLC increased its holdings in shares of Scholar Rock by 5.1% during the 2nd quarter. Hood River Capital Management LLC now owns 832,792 shares of the company’s stock worth $6,937,000 after buying an additional 40,745 shares during the last quarter. 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.