Scholar Rock (NASDAQ:SRRK) Trading 6% Higher Following Analyst Upgrade

Scholar Rock Holding Corporation (NASDAQ:SRRK)’s stock price was up 6% during mid-day trading 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. Approximately 129,425 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,389,258 shares. The stock had previously closed at $48.16.

A number of other equities research analysts also recently commented on SRRK. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Scholar Rock in a report on Monday. Wedbush restated an “outperform” rating and set a $64.00 target price on shares of Scholar Rock in a research report on Tuesday, September 15th. Barclays lowered shares of Scholar Rock from an “overweight” rating to a “cautious” rating in a research report on Tuesday, September 15th. UBS Group reiterated a “buy” rating on shares of Scholar Rock in a report on Tuesday, September 15th. Finally, Jefferies Financial Group increased their price target on Scholar Rock from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, September 14th. Four analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.69.

Insider Activity at Scholar Rock

In related news, Director Joshua Reed sold 3,053 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $53.74, for a total value of $164,068.22. Following the completion of the sale, the director directly owned 19,518 shares in the company, valued at approximately $1,048,897.32. This represents a 13.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $53.88, for a total value of $164,495.64. Following the completion of the sale, the director owned 27,856 shares of the company’s stock, valued at approximately $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. Insiders sold 17,149 shares of company stock valued at $923,108 over the last quarter. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Scholar Rock in the 2nd quarter valued at approximately $522,175,000. Redmile Group LLC raised its stake in Scholar Rock by 73.7% during the 1st quarter. Redmile Group LLC now owns 9,066,621 shares of the company’s stock valued at $445,715,000 after purchasing an additional 3,845,775 shares during the period. Jupiter Topco LLC acquired a new stake in Scholar Rock during the 2nd quarter valued at $123,279,000. Norges Bank purchased a new stake in shares of Scholar Rock in the fourth quarter valued at $91,603,000. Finally, Bank of America Corp DE purchased a new stake in shares of Scholar Rock in the second quarter valued at $53,474,000. Institutional investors and hedge funds own 91.08% of the company’s stock.

Scholar Rock Trading Up 5.5%

The firm has a market cap of $6.19 billion, a price-to-earnings ratio of -14.72 and a beta of 0.67. The company has a 50-day moving average price of $52.71 and a 200 day moving average price of $49.70. The company has a quick ratio of 7.02, a current ratio of 7.02 and a debt-to-equity ratio of 0.77.

Scholar Rock (NASDAQ:SRRK) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.84). During the same quarter in the previous year, the business earned ($0.98) earnings per share. As a group, research analysts anticipate that Scholar Rock Holding Corporation will post -3.24 earnings per share for the current fiscal year.

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.