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

Wedbush reissued their outperform rating on shares of Scholar Rock (NASDAQ:SRRK) in a report issued on Tuesday, RTT News reports. The brokerage currently has a $23.00 price objective on the stock. Wedbush also issued estimates for Scholar Rock’s Q2 2024 earnings at ($0.72) EPS, Q3 2024 earnings at ($0.71) EPS, Q4 2024 earnings at ($0.60) EPS, FY2024 earnings at ($2.60) EPS, Q1 2025 earnings at ($0.61) EPS, Q2 2025 earnings at ($0.60) EPS, Q3 2025 earnings at ($0.59) EPS, Q4 2025 earnings at ($0.50) EPS, FY2025 earnings at ($2.30) EPS, FY2026 earnings at ($1.38) EPS, FY2027 earnings at $0.56 EPS and FY2028 earnings at $2.89 EPS.

A number of other research analysts also recently issued reports on the stock. HC Wainwright reissued a buy rating and set a $30.00 price objective on shares of Scholar Rock in a research report on Tuesday, March 19th. Raymond James initiated coverage on shares of Scholar Rock in a research note on Thursday, March 28th. They issued a strong-buy rating and a $30.00 price target for the company. Piper Sandler reaffirmed an overweight rating and set a $28.00 price objective on shares of Scholar Rock in a research report on Tuesday, March 26th. Finally, Truist Financial reiterated a buy rating and set a $20.00 target price 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 company’s stock. According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $25.17.

Scholar Rock Stock Performance

Shares of NASDAQ:SRRK opened at $14.03 on Tuesday. 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 50-day moving average price of $15.13 and a 200-day moving average price of $14.95. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -6.96 and a beta of 0.94. Scholar Rock has a 12 month low of $5.56 and a 12 month high of $21.17.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). During the same quarter last year, the company earned ($0.46) earnings per share. As a group, equities analysts anticipate that Scholar Rock will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Scholar Rock news, CEO Jay T. Backstrom sold 11,614 shares of the firm’s 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 transaction, the chief executive officer now owns 352,671 shares of the company’s stock, valued at $5,551,041.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jay T. Backstrom sold 11,614 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 $182,804.36. Following the sale, the chief executive officer now directly owns 352,671 shares of the company’s stock, valued at $5,551,041.54. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Junlin Ho sold 3,489 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 $54,916.86. Following the transaction, the general counsel now owns 208,771 shares of the company’s stock, valued at $3,286,055.54. The disclosure for this sale can be found here. Insiders have sold 22,359 shares of company stock valued at $351,931 over the last quarter. Corporate insiders own 26.20% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

A number of institutional investors have recently made changes to their positions in SRRK. Polar Capital Holdings Plc purchased a new position in Scholar Rock in the 3rd quarter worth approximately $10,664,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Scholar Rock by 16.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,321,471 shares of the company’s stock worth $156,444,000 after purchasing an additional 1,149,519 shares in the last quarter. Eventide Asset Management LLC purchased a new position in shares of Scholar Rock in the fourth quarter worth $18,287,000. Goldman Sachs Group Inc. lifted its holdings in shares of Scholar Rock by 31.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,430,764 shares of the company’s stock valued at $26,898,000 after purchasing an additional 342,690 shares in the last quarter. Finally, Redmile Group LLC boosted its position in shares of Scholar Rock by 7.5% during the third quarter. Redmile Group LLC now owns 4,733,248 shares of the company’s stock valued at $33,606,000 after buying an additional 329,408 shares during the last quarter. Hedge funds and other 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.