Scholar Rock (NASDAQ:SRRK) Shares Up 6% Following Analyst Upgrade

Scholar Rock Holding Corporation (NASDAQ:SRRK)’s share price traded up 6% on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $63.00 to $70.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Scholar Rock traded as high as $49.66 and last traded at $51.0550. 129,425 shares were traded during trading, a decline of 91% from the average session volume of 1,389,258 shares. The stock had previously closed at $48.16.

Several other equities research analysts have also recently commented on the company. UBS Group restated a “buy” rating on shares of Scholar Rock in a research note on Tuesday, September 15th. Evercore reiterated an “outperform” rating and issued a $72.00 price objective on shares of Scholar Rock in a research report on Tuesday, September 15th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Scholar Rock in a research report on Monday. Barclays cut shares of Scholar Rock from an “overweight” rating to a “cautious” rating in a research note on Tuesday, September 15th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $76.00 target price (up from $55.00) on shares of Scholar Rock in a report on Monday, September 14th. Four equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Scholar Rock presently has an average rating of “Moderate Buy” and a consensus price target of $66.69.

Insider Activity at Scholar Rock

In related news, Director Michael Gilman sold 2,544 shares of Scholar Rock stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $53.87, for a total transaction of $137,045.28. Following the completion of the transaction, the director directly owned 59,511 shares of the company’s stock, valued at approximately $3,205,857.57. The trade was a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey S. Flier sold 3,053 shares of the business’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 in the company, valued at approximately $1,500,881.28. The trade was a 9.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 17,149 shares of company stock worth $923,108. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Scholar Rock

Large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its position in Scholar Rock by 294.1% during the fourth quarter. IFP Advisors Inc now owns 603 shares of the company’s stock worth $27,000 after acquiring an additional 450 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Scholar Rock in the second quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its position in shares of Scholar Rock by 151.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 872 shares of the company’s stock valued at $38,000 after purchasing an additional 525 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new position in shares of Scholar Rock during the 4th quarter worth approximately $44,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Scholar Rock by 92.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the company’s stock worth $62,000 after purchasing an additional 610 shares in the last quarter. 91.08% of the stock is owned by institutional investors and hedge funds.

Scholar Rock Stock Performance

The company has a current ratio of 7.02, a quick ratio of 7.02 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $6.19 billion, a PE ratio of -14.72 and a beta of 0.67. The stock’s 50 day moving average price is $52.71 and its two-hundred day moving average price is $49.70.

Scholar Rock (NASDAQ:SRRK) last announced its earnings results on Thursday, August 6th. The company reported ($0.84) EPS for the quarter, meeting analysts’ consensus estimates of ($0.84). During the same period last year, the firm posted ($0.98) EPS. On average, equities analysts expect that Scholar Rock Holding Corporation will post -3.24 earnings per share for the current year.

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.