Scholar Rock (NASDAQ:SRRK) Receives “Outperform” Rating from Wedbush

Scholar Rock (NASDAQ:SRRK)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research note issued to investors on Tuesday, RTT News reports. They currently have a $23.00 target price on the stock. Wedbush’s price objective suggests a potential upside of 58.62% from the stock’s current price.

A number of other research firms have also recently weighed in on SRRK. Piper Sandler restated an “overweight” rating and issued a $28.00 price target on shares of Scholar Rock in a report on Tuesday, March 26th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Scholar Rock in a report on Tuesday, March 19th. Raymond James initiated coverage on shares of Scholar Rock in a report on Thursday, March 28th. They issued a “strong-buy” rating and a $30.00 price objective on the stock. Finally, Truist Financial restated a “buy” rating and set a $20.00 target price on shares of Scholar Rock in a research note on Wednesday, April 3rd. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.17.

Scholar Rock Price Performance

Scholar Rock stock opened at $14.50 on Tuesday. The company has a quick ratio of 8.80, a current ratio of 8.80 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.16 billion, a P/E ratio of -7.29 and a beta of 0.94. The firm has a fifty day moving average of $15.15 and a 200-day moving average of $14.95. Scholar Rock has a 52-week low of $5.56 and a 52-week high of $21.17.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). During the same quarter in the prior year, the firm earned ($0.46) earnings per share. As a group, analysts predict that Scholar Rock will post -2.01 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jay T. Backstrom sold 11,614 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $182,804.36. Following the transaction, the chief executive officer now owns 352,671 shares of the company’s stock, valued at $5,551,041.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Edward H. Myles sold 4,744 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.74, for a total value of $74,670.56. Following the transaction, the chief financial officer now directly owns 210,976 shares in the company, valued at approximately $3,320,762.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jay T. Backstrom sold 11,614 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $182,804.36. Following the sale, the chief executive officer now directly owns 352,671 shares of the company’s stock, valued at approximately $5,551,041.54. The disclosure for this sale can be found here. Insiders sold a total of 22,359 shares of company stock valued at $351,931 in the last ninety days. Corporate insiders own 26.20% of the company’s stock.

Hedge Funds Weigh In On Scholar Rock

A number of hedge funds and other institutional investors have recently bought and sold shares of SRRK. Price T Rowe Associates Inc. MD lifted its holdings in shares of Scholar Rock by 16.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,321,471 shares of the company’s stock worth $156,444,000 after purchasing an additional 1,149,519 shares during the last quarter. FMR LLC boosted its holdings in shares of Scholar Rock by 3.8% during the third quarter. FMR LLC now owns 8,005,654 shares of the company’s stock valued at $56,840,000 after acquiring an additional 291,156 shares during the period. Redmile Group LLC increased its holdings in shares of Scholar Rock by 7.5% in the 3rd quarter. Redmile Group LLC now owns 4,733,248 shares of the company’s stock worth $33,606,000 after acquiring an additional 329,408 shares during the period. Bellevue Group AG lifted its position in Scholar Rock by 1.5% in the 4th quarter. Bellevue Group AG now owns 2,168,925 shares of the company’s stock valued at $40,776,000 after purchasing an additional 31,000 shares during the last quarter. Finally, Polar Capital Holdings Plc acquired a new position in Scholar Rock during the 3rd quarter valued at about $10,664,000. 91.08% of the stock is currently 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.