Scholar Rock (NASDAQ:SRRK) Given New $45.00 Price Target at Truist Financial

Scholar Rock (NASDAQ:SRRK) had its price objective hoisted by Truist Financial from $36.00 to $45.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

SRRK has been the topic of a number of other reports. HC Wainwright increased their target price on shares of Scholar Rock from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Wedbush reaffirmed an “outperform” rating and set a $37.00 price objective on shares of Scholar Rock in a report on Monday, November 4th. BMO Capital Markets lifted their target price on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. Piper Sandler upped their target price on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. raised their price target on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $40.43.

Scholar Rock Price Performance

SRRK stock opened at $38.15 on Monday. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of -16.23 and a beta of 0.47. Scholar Rock has a fifty-two week low of $6.76 and a fifty-two week high of $43.38. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average price of $24.29 and a 200 day moving average price of $14.54.

Insider Activity at Scholar Rock

In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $29.25, for a total transaction of $34,389,605.25. Following the completion of the sale, the director now directly owns 5,612,896 shares of the company’s stock, valued at $164,177,208. This trade represents a 17.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Edward H. Myles sold 206,240 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the completion of the transaction, the chief financial officer now directly owns 161,088 shares in the company, valued at $4,278,497.28. This represents a 56.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,823,322 shares of company stock worth $56,411,627 in the last quarter. Company insiders own 19.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Scholar Rock by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $25,000 after purchasing an additional 514 shares during the period. Quarry LP grew its holdings in Scholar Rock by 3,443.3% during the third quarter. Quarry LP now owns 4,500 shares of the company’s stock worth $36,000 after acquiring an additional 4,373 shares during the period. Principal Financial Group Inc. purchased a new position in Scholar Rock in the second quarter worth $98,000. Hsbc Holdings PLC acquired a new stake in Scholar Rock in the second quarter valued at $100,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Scholar Rock during the 2nd quarter worth $103,000. 91.08% of the stock is owned by hedge funds and other institutional investors.

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.