Scholar Rock (NASDAQ:SRRK) Hits New 1-Year High – What’s Next?

Scholar Rock Holding Co. (NASDAQ:SRRK)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $46.42 and last traded at $45.02, with a volume of 622341 shares traded. The stock had previously closed at $44.88.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SRRK shares. Wedbush reiterated an “outperform” rating and set a $47.00 price target on shares of Scholar Rock in a report on Thursday, January 9th. Truist Financial upped their target price on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. HC Wainwright raised their price target on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. upped their price objective on shares of Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, BMO Capital Markets lifted their target price on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. Six 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 company has an average rating of “Buy” and a consensus price target of $40.43.

Scholar Rock Stock Performance

The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63. The stock has a market cap of $4.10 billion, a P/E ratio of -18.62 and a beta of 0.52. The firm’s 50-day moving average is $40.69 and its two-hundred day moving average is $23.90.

Insider Activity

In related news, major shareholder Public Equities L.P. Invus sold 409,433 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $38.49, for a total transaction of $15,759,076.17. Following the completion of the sale, the insider now directly owns 10,850,005 shares of the company’s stock, valued at approximately $417,616,692.45. This represents a 3.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay T. Backstrom sold 22,308 shares of Scholar Rock stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $44.20, for a total transaction of $986,013.60. Following the completion of the transaction, the chief executive officer now owns 330,363 shares in the company, valued at $14,602,044.60. This trade represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 458,974 shares of company stock worth $17,948,788. 19.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Scholar Rock

Several hedge funds and other institutional investors have recently made changes to their positions in SRRK. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Scholar Rock by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $25,000 after purchasing an additional 514 shares during the last quarter. GAMMA Investing LLC increased its position in Scholar Rock by 51.8% in the 4th quarter. GAMMA Investing LLC now owns 788 shares of the company’s stock worth $34,000 after buying an additional 269 shares during the period. Quarry LP lifted its holdings in shares of Scholar Rock by 3,443.3% during the third quarter. Quarry LP now owns 4,500 shares of the company’s stock worth $36,000 after buying an additional 4,373 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Scholar Rock by 1,321.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,109 shares of the company’s stock valued at $48,000 after acquiring an additional 1,031 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of Scholar Rock in the second quarter worth $100,000. 91.08% of the stock is owned by institutional investors and hedge funds.

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.