Scholar Rock (NASDAQ:SRRK) PT Raised to $42.00 at Piper Sandler

Scholar Rock (NASDAQ:SRRK) had its price objective upped by equities researchers at Piper Sandler from $28.00 to $42.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 44.83% from the company’s previous close.

A number of other research analysts have also weighed in on SRRK. Wedbush raised their price target on shares of Scholar Rock from $27.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. BMO Capital Markets lifted their target price on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. HC Wainwright upped their target price on Scholar Rock from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. increased their price target on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $31.63.

Scholar Rock Stock Performance

Shares of Scholar Rock stock opened at $29.00 on Tuesday. Scholar Rock has a 52 week low of $6.48 and a 52 week high of $35.38. The company has a quick ratio of 6.04, a current ratio of 6.04 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $11.93 and a 200-day moving average price of $11.38. The company has a market cap of $2.31 billion, a PE ratio of -13.88 and a beta of 0.82.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.01. During the same period in the previous year, the business earned ($0.47) earnings per share. Equities analysts anticipate that Scholar Rock will post -2.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Tracey Sacco sold 30,000 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $25.62, for a total transaction of $768,600.00. Following the transaction, the insider now owns 49,285 shares of the company’s stock, valued at $1,262,681.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Edward H. Myles sold 206,240 shares of Scholar Rock stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 161,088 shares in the company, valued at approximately $4,278,497.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tracey Sacco sold 30,000 shares of the business’s 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,415,340 shares of company stock valued at $40,666,088. 26.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Scholar Rock

Several hedge funds have recently made changes to their positions in the stock. Clearbridge Investments LLC bought a new position in Scholar Rock in the 2nd quarter worth about $6,223,000. Candriam S.C.A. bought a new position in shares of Scholar Rock in the second quarter valued at approximately $6,201,000. Millennium Management LLC grew its stake in Scholar Rock by 159.2% during the second quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock valued at $7,710,000 after acquiring an additional 568,512 shares in the last quarter. Marshall Wace LLP increased its holdings in Scholar Rock by 1,051.3% during the 2nd quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock worth $4,059,000 after acquiring an additional 444,961 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Scholar Rock by 31.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,430,764 shares of the company’s stock worth $26,898,000 after purchasing an additional 342,690 shares in the last quarter. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

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.