HC Wainwright Reaffirms “Buy” Rating for Scholar Rock (NASDAQ:SRRK)

Scholar Rock (NASDAQ:SRRK)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a report issued on Wednesday, Benzinga reports. They currently have a $30.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 106.19% from the stock’s current price.

A number of other research analysts have also recently commented on SRRK. Raymond James began coverage on shares of Scholar Rock in a research note on Thursday, March 28th. They set a “strong-buy” rating and a $30.00 price target for the company. Wedbush restated an “outperform” rating and set a $23.00 target price on shares of Scholar Rock in a research report on Tuesday. Piper Sandler reiterated an “overweight” rating and issued a $28.00 price target on shares of Scholar Rock in a research report on Tuesday, March 26th. Finally, Truist Financial reissued a “buy” rating and set a $20.00 price objective on shares of Scholar Rock in a report on Wednesday, April 3rd. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Scholar Rock currently has a consensus rating of “Buy” and a consensus price target of $25.17.

Scholar Rock Price Performance

Shares of NASDAQ:SRRK opened at $14.55 on Wednesday. The firm has a market capitalization of $1.16 billion, a PE ratio of -6.96 and a beta of 0.94. The company has a current ratio of 8.80, a quick ratio of 8.80 and a debt-to-equity ratio of 0.22. Scholar Rock has a 1-year low of $5.56 and a 1-year high of $21.17. The business’s 50 day moving average is $15.13 and its 200-day moving average is $14.95.

Scholar Rock (NASDAQ:SRRK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). During the same quarter in the previous year, the company earned ($0.46) EPS. Sell-side analysts predict that Scholar Rock will post -2.01 earnings per share for the current year.

Insider Buying and Selling at Scholar Rock

In other news, CEO Jay T. Backstrom sold 11,614 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 352,671 shares in the company, valued at $5,551,041.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Scholar Rock news, General Counsel Junlin Ho sold 3,489 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $15.74, for a total value of $54,916.86. Following the transaction, the general counsel now directly owns 208,771 shares in the company, valued at approximately $3,286,055.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jay T. Backstrom sold 11,614 shares of Scholar Rock 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 completion of the sale, the chief executive officer now directly owns 352,671 shares of the company’s stock, valued at $5,551,041.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,359 shares of company stock worth $351,931. 26.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Scholar Rock

Several hedge funds have recently added to or reduced their stakes in SRRK. SG Americas Securities LLC acquired a new stake in Scholar Rock during the 3rd quarter worth $153,000. Bank of New York Mellon Corp increased its holdings in Scholar Rock by 38.0% in the third quarter. Bank of New York Mellon Corp now owns 123,183 shares of the company’s stock valued at $875,000 after purchasing an additional 33,897 shares during the last quarter. TD Asset Management Inc lifted its stake in 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 buying an additional 91,371 shares during the period. Barclays PLC lifted its stake in 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 buying an additional 12,409 shares during the period. Finally, Amalgamated Bank boosted its holdings in Scholar Rock by 52.8% during the third quarter. Amalgamated Bank now owns 4,217 shares of the company’s stock worth $30,000 after buying an additional 1,458 shares during 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.