Wedbush Reaffirms Outperform Rating for Scholar Rock (NASDAQ:SRRK)

Scholar Rock (NASDAQ:SRRK)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued to investors on Tuesday, RTT News reports. They currently have a $23.00 price target on the stock. Wedbush’s target price suggests a potential upside of 62.31% from the stock’s previous close.

A number of other equities research analysts have also issued reports on SRRK. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Scholar Rock in a report on Tuesday, March 19th. Piper Sandler restated an “overweight” rating and issued a $28.00 price target on shares of Scholar Rock in a research report on Tuesday, March 26th. Raymond James began coverage on Scholar Rock in a research report on Thursday, March 28th. They set a “strong-buy” rating and a $30.00 price objective on the stock. Finally, Truist Financial reiterated a “buy” rating and set a $20.00 price target on shares of Scholar Rock in a report on Wednesday, April 3rd. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Scholar Rock presently has an average rating of “Buy” and an average price target of $25.17.

Scholar Rock Price Performance

Shares of NASDAQ:SRRK traded down $0.89 during trading on Tuesday, reaching $14.17. 269,000 shares of the company’s stock traded hands, compared to its average volume of 765,033. Scholar Rock has a fifty-two week low of $5.56 and a fifty-two week high of $21.17. The company has a quick ratio of 8.80, a current ratio of 8.80 and a debt-to-equity ratio of 0.22. The firm has a market cap of $1.13 billion, a PE ratio of -7.12 and a beta of 0.94. The company has a 50-day simple moving average of $15.24 and a 200-day simple moving average of $14.90.

Scholar Rock (NASDAQ:SRRK) last posted its earnings results on Tuesday, March 19th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). As a group, analysts predict that Scholar Rock will post -2.01 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Mo Qatanani sold 2,512 shares of the 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 $39,538.88. Following the completion of the transaction, the insider now owns 147,019 shares of the company’s stock, valued at approximately $2,314,079.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Jay T. Backstrom sold 11,614 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $15.74, for a total value of $182,804.36. Following the sale, the chief executive officer now directly owns 352,671 shares in the company, valued at approximately $5,551,041.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mo Qatanani sold 2,512 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $39,538.88. Following the completion of the sale, the insider now owns 147,019 shares in the company, valued at $2,314,079.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,359 shares of company stock valued at $351,931. Company insiders own 26.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SRRK. SG Americas Securities LLC purchased a new position in Scholar Rock during the 3rd quarter worth $153,000. Bank of New York Mellon Corp grew its position in Scholar Rock by 38.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 123,183 shares of the company’s stock worth $875,000 after purchasing an additional 33,897 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Scholar Rock by 37.3% in the third quarter. TD Asset Management Inc now owns 336,294 shares of the company’s stock valued at $2,388,000 after acquiring an additional 91,371 shares in the last quarter. Barclays PLC boosted its holdings in shares of Scholar Rock by 62.3% in the third quarter. Barclays PLC now owns 32,318 shares of the company’s stock valued at $230,000 after acquiring an additional 12,409 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Scholar Rock by 52.8% in the third quarter. Amalgamated Bank now owns 4,217 shares of the company’s stock valued at $30,000 after acquiring an additional 1,458 shares in the last quarter. 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.