Insider Buying: Scholar Rock (NASDAQ:SRRK) Director Acquires $14,438,919.78 in Stock

Scholar Rock Holding Corporation (NASDAQ:SRRK) Director Srinivas Akkaraju acquired 387,414 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The stock was acquired at an average cost of $37.27 per share, for a total transaction of $14,438,919.78. Following the acquisition, the director owned 387,414 shares of the company’s stock, valued at $14,438,919.78. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Srinivas Akkaraju also recently made the following trade(s):

• On Monday, October 6th, Srinivas Akkaraju acquired 113,025 shares of Scholar Rock stock. The shares were purchased at an average cost of $38.65 per share, for a total transaction of $4,368,416.25.

Scholar Rock Stock Up 5.9%

NASDAQ:SRRK opened at $40.99 on Friday. Scholar Rock Holding Corporation has a twelve month low of $22.71 and a twelve month high of $46.98. The company has a current ratio of 6.33, a quick ratio of 6.33 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $33.99 and a 200-day simple moving average of $33.32. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -14.09 and a beta of 0.42.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.32). During the same quarter in the prior year, the firm posted ($0.60) earnings per share. Analysts anticipate that Scholar Rock Holding Corporation will post -2.42 EPS for the current year.

Institutional Trading of Scholar Rock

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vestal Point Capital LP bought a new position in Scholar Rock during the first quarter valued at about $41,795,000. Norges Bank bought a new position in Scholar Rock in the 2nd quarter worth approximately $41,628,000. RA Capital Management L.P. grew its holdings in shares of Scholar Rock by 6,351.3% in the 1st quarter. RA Capital Management L.P. now owns 1,136,453 shares of the company’s stock valued at $36,537,000 after buying an additional 1,118,837 shares during the period. Balyasny Asset Management L.P. acquired a new position in Scholar Rock in the 2nd quarter worth $33,062,000. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its stake in Scholar Rock by 145.3% in the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 769,442 shares of the company’s stock worth $27,254,000 after purchasing an additional 455,753 shares during the period. Institutional investors and hedge funds own 91.08% of the company’s stock.

Wall Street Analyst Weigh In

SRRK has been the topic of several research analyst reports. Raymond James Financial set a $53.00 price objective on Scholar Rock and gave the company a “strong-buy” rating in a report on Wednesday, July 30th. Barclays reduced their price target on Scholar Rock from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Cantor Fitzgerald initiated coverage on Scholar Rock in a report on Thursday, July 17th. They set an “overweight” rating for the company. Piper Sandler dropped their price target on Scholar Rock from $52.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Finally, Jefferies Financial Group initiated coverage on Scholar Rock in a research report on Thursday, August 21st. They set a “buy” rating and a $50.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $47.00.

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.