Raymond James Begins Coverage on Scholar Rock (NASDAQ:SRRK)

Equities research analysts at Raymond James began coverage on shares of Scholar Rock (NASDAQ:SRRK) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “strong-buy” rating and a $30.00 price target on the stock. Raymond James’ price objective indicates a potential upside of 94.17% from the stock’s current price.

SRRK has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Scholar Rock in a research report on Tuesday, March 19th. Piper Sandler reaffirmed an “overweight” rating and set a $28.00 target price on shares of Scholar Rock in a research report on Tuesday. Wedbush restated an “outperform” rating and issued a $23.00 price target on shares of Scholar Rock in a research report on Tuesday, January 23rd. Finally, Truist Financial reaffirmed a “buy” rating and set a $20.00 price objective on shares of Scholar Rock in a research report on Monday. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $25.17.

Scholar Rock Stock Up 3.0 %

Scholar Rock stock opened at $15.45 on Thursday. The company has a current ratio of 8.80, a quick ratio of 8.80 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.20 billion, a P/E ratio of -7.76 and a beta of 0.89. Scholar Rock has a 1-year low of $5.56 and a 1-year high of $21.17. The firm’s fifty day simple moving average is $15.55 and its 200-day simple moving average is $13.32.

Insider Activity

In other news, CEO Jay T. Backstrom sold 11,614 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $15.74, for a total value of $182,804.36. Following the transaction, the chief executive officer now directly owns 352,671 shares of the company’s stock, valued at approximately $5,551,041.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jay T. Backstrom sold 11,614 shares of Scholar Rock stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $182,804.36. Following the completion of the sale, the chief executive officer now owns 352,671 shares in the company, valued at approximately $5,551,041.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Mo Qatanani sold 2,002 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $15.93, for a total transaction of $31,891.86. Following the completion of the sale, the senior vice president now directly owns 78,816 shares of the company’s stock, valued at approximately $1,255,538.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,303 shares of company stock worth $769,490. 26.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Scholar Rock

Several institutional investors and hedge funds have recently bought and sold shares of SRRK. Price T Rowe Associates Inc. MD lifted its position in shares of Scholar Rock by 47.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 8,436,185 shares of the company’s stock valued at $46,315,000 after buying an additional 2,704,442 shares during the last quarter. Polar Capital Holdings Plc bought a new position in Scholar Rock during the third quarter worth about $10,664,000. BlackRock Inc. raised its stake in Scholar Rock by 115.5% in the 2nd quarter. BlackRock Inc. now owns 2,790,971 shares of the company’s stock worth $21,044,000 after purchasing an additional 1,495,618 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Scholar Rock during the 4th quarter worth approximately $21,275,000. Finally, Bank of America Corp DE raised its position in shares of Scholar Rock by 2,187.0% in the fourth quarter. Bank of America Corp DE now owns 1,050,631 shares of the company’s stock valued at $9,508,000 after buying an additional 1,004,692 shares in the last quarter. Institutional investors own 91.08% of the company’s stock.

Scholar Rock Company Profile

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.