Scholar Rock (NASDAQ:SRRK) Price Target Raised to $70.00

Scholar Rock (NASDAQ:SRRK) had its price target boosted by JPMorgan Chase & Co. from $63.00 to $70.00 in a research report released on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts also recently commented on SRRK. Citigroup raised their target price on Scholar Rock from $60.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, September 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Scholar Rock in a research note on Friday, July 17th. TD Cowen reiterated a “buy” rating on shares of Scholar Rock in a report on Monday, September 14th. Barclays cut Scholar Rock from an “overweight” rating to a “cautious” rating in a research note on Tuesday, September 15th. Finally, Evercore restated an “outperform” rating and set a $72.00 price objective on shares of Scholar Rock in a report on Tuesday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.69.

Scholar Rock Stock Down 2.6%

Shares of NASDAQ:SRRK opened at $49.85 on Monday. Scholar Rock has a 1 year low of $27.07 and a 1 year high of $61.76. The company has a debt-to-equity ratio of 0.77, a current ratio of 7.02 and a quick ratio of 7.02. The business’s 50-day moving average is $52.58 and its 200-day moving average is $49.75. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of -14.45 and a beta of 0.67.

Scholar Rock (NASDAQ:SRRK) last issued its earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.84). During the same period in the prior year, the company earned ($0.98) earnings per share. Equities research analysts predict that Scholar Rock will post -3.24 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Katie Peng sold 5,446 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.88, for a total value of $293,430.48. Following the transaction, the director owned 34,301 shares in the company, valued at $1,848,137.88. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey Flier sold 3,053 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $53.88, for a total value of $164,495.64. Following the sale, the director owned 27,856 shares of the company’s stock, valued at $1,500,881.28. This trade represents a 9.88% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 17,149 shares of company stock valued at $923,108. 10.30% of the stock is currently owned by company insiders.

Institutional Trading of Scholar Rock

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Scholar Rock during the second quarter valued at about $522,175,000. Redmile Group LLC boosted its holdings in Scholar Rock by 73.7% during the first quarter. Redmile Group LLC now owns 9,066,621 shares of the company’s stock worth $445,715,000 after purchasing an additional 3,845,775 shares during the last quarter. Jupiter Topco LLC bought a new stake in Scholar Rock in the 2nd quarter worth about $123,279,000. Norges Bank bought a new stake in Scholar Rock in the 4th quarter worth about $91,603,000. Finally, Bank of America Corp DE purchased a new stake in Scholar Rock in the 2nd quarter valued at about $53,474,000. Institutional investors own 91.08% of the company’s stock.

About Scholar Rock

Scholar Rock, Inc is a biopharmaceutical company focused on developing medicines that selectively target growth factors in their latent forms. The company’s approach is designed to modulate the activation of growth factors in specific tissues, with the goal of addressing diseases in which these biological pathways contribute to impaired function or abnormal tissue growth.

Scholar Rock’s lead program is apitegromab, a monoclonal antibody designed to inhibit the activation of myostatin. The company has studied apitegromab as a potential treatment for spinal muscular atrophy, a genetic neuromuscular disorder that causes progressive muscle weakness and loss of motor function.