Wedbush Forecasts Strong Price Appreciation for Scholar Rock (NASDAQ:SRRK) Stock

Scholar Rock (NASDAQ:SRRK) had its price target increased by research analysts at Wedbush from $40.00 to $47.00 in a research note issued on Monday, MarketBeat reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 26.82% from the company’s previous close.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. raised their price objective on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Piper Sandler raised their target price on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. BMO Capital Markets raised their target price on Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, October 11th. Truist Financial raised their target price on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Finally, HC Wainwright raised their target price on Scholar Rock from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $40.43.

Scholar Rock Price Performance

Scholar Rock stock opened at $37.06 on Monday. The stock’s fifty day moving average price is $23.12 and its two-hundred day moving average price is $14.21. Scholar Rock has a one year low of $6.76 and a one year high of $43.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.88 and a quick ratio of 3.88. The firm has a market cap of $3.47 billion, a PE ratio of -15.83 and a beta of 0.47.

Insider Activity at Scholar Rock

In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the firm’s stock in a transaction 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 sale, the director now owns 5,612,896 shares of the company’s stock, valued at $164,177,208. This trade represents a 17.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tracey Sacco sold 30,000 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $25.62, for a total value of $768,600.00. Following the sale, the insider now directly owns 49,285 shares in the company, valued at approximately $1,262,681.70. This trade represents a 37.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,413,889 shares of company stock valued at $40,652,551 in the last 90 days. 19.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Scholar Rock by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $25,000 after buying an additional 514 shares during the period. Quarry LP lifted its holdings in Scholar Rock by 3,443.3% during the 3rd quarter. Quarry LP now owns 4,500 shares of the company’s stock worth $36,000 after buying an additional 4,373 shares during the period. Walleye Trading LLC acquired a new position in Scholar Rock during the 1st quarter worth about $178,000. Principal Financial Group Inc. acquired a new position in Scholar Rock during the 2nd quarter worth about $98,000. Finally, Hsbc Holdings PLC acquired a new position in Scholar Rock during the 2nd quarter worth about $100,000. 91.08% of the stock is owned by institutional investors and hedge funds.

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.