Wedbush reiterated their outperform rating on shares of Scholar Rock (NASDAQ:SRRK – Free Report) in a research report released on Monday,RTT News reports. Wedbush currently has a $50.00 price target on the stock.
Several other equities research analysts have also issued reports on the company. HC Wainwright lifted their price target on Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial lifted their price target on Scholar Rock from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $40.86.
Read Our Latest Stock Report on Scholar Rock
Scholar Rock Trading Up 0.3 %
Insider Buying and Selling at Scholar Rock
In other news, CFO Edward H. Myles sold 142,292 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $35.62, for a total value of $5,068,441.04. Following the transaction, the chief financial officer now directly owns 111,345 shares in the company, valued at $3,966,108.90. This trade represents a 56.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jay T. Backstrom sold 22,308 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $44.20, for a total value of $986,013.60. Following the completion of the transaction, the chief executive officer now owns 330,363 shares in the company, valued at approximately $14,602,044.60. This trade represents a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 292,266 shares of company stock worth $10,996,151. Insiders own 19.20% of the company’s stock.
Hedge Funds Weigh In On Scholar Rock
A number of institutional investors and hedge funds have recently modified their holdings of SRRK. Intech Investment Management LLC purchased a new position in shares of Scholar Rock in the 3rd quarter worth $202,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Scholar Rock by 9.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 502,793 shares of the company’s stock worth $4,027,000 after buying an additional 42,139 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Scholar Rock by 593.6% in the 3rd quarter. Fisher Asset Management LLC now owns 734,019 shares of the company’s stock worth $5,879,000 after buying an additional 628,186 shares during the last quarter. FMR LLC boosted its stake in shares of Scholar Rock by 3.1% in the 3rd quarter. FMR LLC now owns 10,196,046 shares of the company’s stock worth $81,670,000 after buying an additional 308,813 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Scholar Rock by 900.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 36,331 shares of the company’s stock worth $291,000 after buying an additional 32,700 shares during 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.
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