Scholar Rock (NASDAQ:SRRK) Given New $70.00 Price Target at JPMorgan Chase & Co.

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

Several other research firms have also recently commented on SRRK. TD Cowen reissued a “buy” rating on shares of Scholar Rock in a research note on Monday, September 14th. Evercore reaffirmed an “outperform” rating and issued a $72.00 price target on shares of Scholar Rock in a research report on Tuesday, September 15th. Truist Financial reiterated a “buy” rating and issued a $76.00 price objective (up from $55.00) on shares of Scholar Rock in a research note on Monday, September 14th. Jefferies Financial Group boosted their price objective on Scholar Rock from $57.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Finally, Citigroup upped their target price on shares of Scholar Rock from $60.00 to $74.00 and gave the stock a “buy” rating in a research note 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 given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.69.

Scholar Rock Price Performance

Scholar Rock stock opened at $48.16 on Monday. The firm has a market cap of $5.87 billion, a PE ratio of -13.96 and a beta of 0.67. Scholar Rock has a 52-week low of $27.07 and a 52-week high of $61.76. The company has a quick ratio of 7.02, a current ratio of 7.02 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $52.71 and its two-hundred day moving average is $49.70.

Scholar Rock (NASDAQ:SRRK) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) EPS for the quarter, hitting the consensus estimate of ($0.84). During the same quarter last year, the company posted ($0.98) earnings per share. On average, research analysts expect that Scholar Rock will post -3.24 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael Gilman sold 2,544 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.87, for a total value of $137,045.28. Following the completion of the sale, the director directly owned 59,511 shares of the company’s stock, valued at approximately $3,205,857.57. This represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joshua Reed sold 3,053 shares of Scholar Rock stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $53.74, for a total transaction of $164,068.22. Following the completion of the transaction, the director directly owned 19,518 shares in the company, valued at $1,048,897.32. The trade was a 13.53% decrease in their ownership of the stock. 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. Insiders have sold a total of 17,149 shares of company stock worth $923,108 over the last ninety days. 10.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Scholar Rock

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its stake in Scholar Rock by 294.1% during the 4th quarter. IFP Advisors Inc now owns 603 shares of the company’s stock valued at $27,000 after acquiring an additional 450 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Scholar Rock in the 2nd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC grew its stake in shares of Scholar Rock by 151.3% in the 4th 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 acquired a new position in shares of Scholar Rock in the fourth quarter valued at approximately $44,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Scholar Rock by 92.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the company’s stock valued at $62,000 after purchasing an additional 610 shares during the period. Hedge funds and other institutional investors own 91.08% of the company’s stock.

Scholar Rock Company Profile

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.