Scholar Rock (NASDAQ:SRRK) Shares Gap Down – Here’s What Happened

Scholar Rock Holding Corporation (NASDAQ:SRRK)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $41.99, but opened at $40.00. Scholar Rock shares last traded at $41.7040, with a volume of 159,543 shares trading hands.

Wall Street Analysts Forecast Growth

SRRK has been the topic of a number of recent analyst reports. Bank of America assumed coverage on shares of Scholar Rock in a report on Thursday, October 9th. They set a “buy” rating and a $53.00 price target on the stock. Jefferies Financial Group assumed coverage on Scholar Rock in a research report on Thursday, August 21st. They set a “buy” rating and a $50.00 price target on the stock. Truist Financial dropped their price objective on Scholar Rock from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, October 20th. Barclays upped their target price on Scholar Rock from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Finally, Leerink Partners initiated coverage on shares of Scholar Rock in a research note on Monday, September 15th. They issued an “outperform” rating and a $51.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $48.33.

Scholar Rock Trading Down 2.8%

The company has a quick ratio of 6.33, a current ratio of 6.33 and a debt-to-equity ratio of 0.21. The business’s 50-day simple moving average is $34.41 and its two-hundred day simple moving average is $34.14. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of -14.02 and a beta of 0.79.

Scholar Rock (NASDAQ:SRRK) last announced its earnings results on Friday, November 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). During the same quarter in the prior year, the firm earned ($0.66) earnings per share. Equities analysts forecast that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current year.

Insider Buying and Selling

In other Scholar Rock news, Director Srinivas Akkaraju purchased 387,414 shares of the business’s stock in a transaction on Friday, October 3rd. The shares were bought at an average cost of $37.27 per share, for a total transaction of $14,438,919.78. Following the completion of the purchase, the director directly owned 387,414 shares of the company’s stock, valued at approximately $14,438,919.78. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Katie Peng sold 1,006 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $32.53, for a total transaction of $32,725.18. Following the sale, the director directly owned 33,914 shares in the company, valued at $1,103,222.42. This represents a 2.88% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,537 shares of company stock valued at $242,088. Corporate insiders own 13.30% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

Several large investors have recently added to or reduced their stakes in SRRK. CIBC Bancorp USA Inc. purchased a new position in Scholar Rock in the 3rd quarter valued at approximately $322,000. Quarry LP acquired a new stake in shares of Scholar Rock in the third quarter valued at $209,000. RA Capital Management L.P. boosted its holdings in Scholar Rock by 2.7% in the third quarter. RA Capital Management L.P. now owns 1,166,788 shares of the company’s stock valued at $43,451,000 after purchasing an additional 30,335 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in Scholar Rock by 25.6% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,009,745 shares of the company’s stock valued at $74,843,000 after purchasing an additional 409,191 shares during the period. Finally, Mariner LLC acquired a new position in Scholar Rock during the 3rd quarter worth $372,000. 91.08% of the stock is owned by hedge funds and other institutional investors.

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.