Scholar Rock (NASDAQ:SRRK) Reaches New 12-Month High Following Analyst Upgrade

Scholar Rock Holding Co. (NASDAQ:SRRK)’s share price hit a new 52-week high during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $40.00 to $50.00. HC Wainwright currently has a buy rating on the stock. Scholar Rock traded as high as $38.74 and last traded at $38.74, with a volume of 253808 shares changing hands. The stock had previously closed at $29.92.

Several other brokerages have also recently issued reports on SRRK. Piper Sandler lifted their price objective on Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price objective on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Truist Financial raised their target price on shares of Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday. BMO Capital Markets increased their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, October 11th. Finally, Wedbush raised their price objective on shares of Scholar Rock from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $40.43.

Insider Activity

In other news, insider Tracey Sacco sold 30,000 shares of Scholar Rock stock in a transaction on Monday, October 7th. The stock was sold at an average price of $25.62, for a total value of $768,600.00. Following the completion of the sale, the insider now owns 49,285 shares of the company’s stock, valued at $1,262,681.70. The trade was a 37.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.25, for a total value of $34,389,605.25. Following the transaction, the director now owns 5,612,896 shares in the company, valued at $164,177,208. This trade represents a 17.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,413,889 shares of company stock valued at $40,652,551 over the last 90 days. Insiders own 19.20% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

A number of institutional investors have recently bought and sold shares of SRRK. Vanguard Group Inc. boosted its holdings in shares of Scholar Rock by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 2,969,534 shares of the company’s stock valued at $52,739,000 after purchasing an additional 114,550 shares during the last quarter. American International Group Inc. boosted its holdings in Scholar Rock by 3.0% in the first quarter. American International Group Inc. now owns 28,407 shares of the company’s stock valued at $505,000 after acquiring an additional 834 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Scholar Rock during the first quarter valued at about $258,000. Kennedy Capital Management LLC purchased a new position in shares of Scholar Rock in the 1st quarter worth about $4,900,000. Finally, Jane Street Group LLC raised its holdings in shares of Scholar Rock by 95.5% in the 1st quarter. Jane Street Group LLC now owns 244,318 shares of the company’s stock worth $4,339,000 after purchasing an additional 119,363 shares during the period. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Scholar Rock Stock Down 1.7 %

The firm has a 50 day moving average price of $23.12 and a two-hundred day moving average price of $14.21. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -15.83 and a beta of 0.47. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63.

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.