Scholar Rock (NASDAQ:SRRK) Sets New 12-Month High – What’s Next?

Scholar Rock Holding Corporation (NASDAQ:SRRK) shares reached a new 52-week high on Thursday . The company traded as high as $47.66 and last traded at $47.4080, with a volume of 401366 shares. The stock had previously closed at $45.05.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SRRK shares. Bank of America initiated coverage on shares of Scholar Rock in a report on Thursday, October 9th. They issued a “buy” rating and a $53.00 price target on the stock. Leerink Partnrs upgraded shares of Scholar Rock to a “strong-buy” rating in a research report on Monday, September 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Scholar Rock in a research report on Wednesday, October 8th. Piper Sandler cut their price target on shares of Scholar Rock from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. Finally, Truist Financial decreased 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. 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. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $48.33.

Scholar Rock Trading Up 4.0%

The company has a market cap of $4.78 billion, a price-to-earnings ratio of -14.87 and a beta of 0.61. The company has a quick ratio of 6.30, a current ratio of 6.30 and a debt-to-equity ratio of 0.41. The company’s fifty day moving average price is $35.58 and its two-hundred day moving average price is $34.79.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results 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 in the previous year, the business earned ($0.66) earnings per share. Research analysts expect that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current year.

Insider Activity

In related news, insider Mo Qatanani sold 136,462 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $45.21, for a total transaction of $6,169,447.02. Following the transaction, the insider owned 108,964 shares in the company, valued at $4,926,262.44. This represents a 55.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Srinivas Akkaraju acquired 113,025 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were bought at an average cost of $38.65 per share, for a total transaction of $4,368,416.25. Following the acquisition, the director owned 500,439 shares in the company, valued at approximately $19,341,967.35. The trade was a 29.17% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 143,999 shares of company stock worth $6,411,535. 13.30% of the stock is owned by corporate insiders.

Institutional Trading of Scholar Rock

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in Scholar Rock by 124.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock worth $169,289,000 after purchasing an additional 2,521,022 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Scholar Rock in the 3rd quarter valued at $91,670,000. Vestal Point Capital LP bought a new stake in shares of Scholar Rock during the first quarter worth $41,795,000. Norges Bank acquired a new position in shares of Scholar Rock during the second quarter valued at $41,628,000. Finally, RA Capital Management L.P. lifted its stake in shares of Scholar Rock by 6,351.3% during the first quarter. RA Capital Management L.P. now owns 1,136,453 shares of the company’s stock valued at $36,537,000 after acquiring an additional 1,118,837 shares during the period. 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.