JPMorgan Chase & Co. Cuts Scholar Rock (NASDAQ:SRRK) Price Target to $18.00

Scholar Rock (NASDAQ:SRRK) had its price objective decreased by JPMorgan Chase & Co. from $20.00 to $18.00 in a research note released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SRRK has been the subject of several other research reports. Wedbush reissued an outperform rating and issued a $23.00 target price on shares of Scholar Rock in a research report on Thursday, August 8th. HC Wainwright reissued a buy rating and issued a $30.00 target price on shares of Scholar Rock in a research report on Tuesday, June 25th. Finally, BMO Capital Markets boosted their target price on shares of Scholar Rock from $31.00 to $34.00 and gave the stock an outperform rating in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $25.38.

Scholar Rock Price Performance

SRRK opened at $7.42 on Thursday. The company has a fifty day simple moving average of $8.73 and a 200 day simple moving average of $10.73. The firm has a market cap of $591.77 million, a price-to-earnings ratio of -3.55 and a beta of 0.82. Scholar Rock has a twelve month low of $6.30 and a twelve month high of $21.17. The company has a current ratio of 6.04, a quick ratio of 6.04 and a debt-to-equity ratio of 0.36.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.01. During the same quarter last year, the business earned ($0.47) EPS. Equities research analysts expect that Scholar Rock will post -2.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Scholar Rock

Several institutional investors have recently made changes to their positions in SRRK. American International Group Inc. boosted its position in Scholar Rock by 3.0% during the 1st quarter. American International Group Inc. now owns 28,407 shares of the company’s stock valued at $505,000 after purchasing an additional 834 shares during the period. Jennison Associates LLC boosted its position in Scholar Rock by 1.0% during the 1st quarter. Jennison Associates LLC now owns 138,458 shares of the company’s stock valued at $2,459,000 after purchasing an additional 1,409 shares during the period. Rice Hall James & Associates LLC boosted its stake in Scholar Rock by 3.6% during the 2nd quarter. Rice Hall James & Associates LLC now owns 46,000 shares of the company’s stock valued at $383,000 after purchasing an additional 1,594 shares during the period. ProShare Advisors LLC grew its position in Scholar Rock by 11.7% in the 1st quarter. ProShare Advisors LLC now owns 15,412 shares of the company’s stock worth $274,000 after purchasing an additional 1,620 shares during the last quarter. Finally, ClariVest Asset Management LLC increased its stake in shares of Scholar Rock by 3.0% in the second quarter. ClariVest Asset Management LLC now owns 59,640 shares of the company’s stock valued at $497,000 after purchasing an additional 1,718 shares during the period. 91.08% of the stock is owned by 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.