Scholar Rock (NASDAQ:SRRK) Stock Price Up 7.8% – Here’s What Happened

Scholar Rock Holding Corporation (NASDAQ:SRRK)’s stock price was up 7.8% during trading on Wednesday . The stock traded as high as $44.03 and last traded at $44.29. Approximately 320,949 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,645,890 shares. The stock had previously closed at $41.08.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SRRK shares. Barclays raised their price objective on Scholar Rock from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, November 17th. HC Wainwright decreased their price target on shares of Scholar Rock from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, September 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $50.00 price target on shares of Scholar Rock in a report on Friday, November 14th. Leerink Partners started coverage on shares of Scholar Rock in a research note on Monday, September 15th. They set an “outperform” rating and a $51.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Scholar Rock in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.33.

Scholar Rock Stock Down 0.4%

The stock’s fifty day simple moving average is $34.97 and its two-hundred day simple moving average is $34.36. The company has a debt-to-equity ratio of 0.41, a current ratio of 6.30 and a quick ratio of 6.30. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of -14.29 and a beta of 0.61.

Scholar Rock (NASDAQ:SRRK) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). During the same quarter last year, the company earned ($0.66) EPS. On average, sell-side analysts predict that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Mo Qatanani sold 3,353 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $30.67, for a total transaction of $102,836.51. Following the completion of the transaction, the insider owned 108,964 shares of the company’s stock, valued at approximately $3,341,925.88. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Srinivas Akkaraju acquired 113,025 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was purchased at an average price of $38.65 per share, for a total transaction of $4,368,416.25. Following the completion of the transaction, the director owned 500,439 shares in the company, valued at $19,341,967.35. The trade was a 29.17% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 7,537 shares of company stock valued at $242,088. Insiders own 13.30% of the company’s stock.

Institutional Investors Weigh In On Scholar Rock

Several large investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of Scholar Rock by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 6,214 shares of the company’s stock worth $231,000 after acquiring an additional 456 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Scholar Rock by 15.8% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,668 shares of the company’s stock valued at $130,000 after purchasing an additional 500 shares during the period. California State Teachers Retirement System increased its stake in Scholar Rock by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 62,372 shares of the company’s stock worth $2,209,000 after purchasing an additional 577 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in Scholar Rock by 6.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 11,146 shares of the company’s stock worth $395,000 after buying an additional 710 shares during the period. Finally, AlphaQuest LLC lifted its stake in Scholar Rock by 30.1% during the third quarter. AlphaQuest LLC now owns 3,415 shares of the company’s stock valued at $127,000 after buying an additional 791 shares in the last quarter. Institutional investors and hedge funds 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.