Scholar Rock (NASDAQ:SRRK) Shares Down 4.6% – Here’s What Happened

Scholar Rock Holding Co. (NASDAQ:SRRK) shares fell 4.6% on Thursday . The company traded as low as $40.62 and last traded at $40.59. 481,118 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 969,946 shares. The stock had previously closed at $42.56.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Piper Sandler lifted their price target on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. raised their price target on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. HC Wainwright boosted their price objective on shares of Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. BMO Capital Markets upped their target price on Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. Finally, Wedbush reaffirmed an “outperform” rating and set a $47.00 price target on shares of Scholar Rock in a research note on Wednesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.43.

Scholar Rock Stock Performance

The stock has a fifty day simple moving average of $42.42 and a two-hundred day simple moving average of $25.29. The stock has a market cap of $3.78 billion, a PE ratio of -17.18 and a beta of 0.52. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.88 and a current ratio of 3.88.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SRRK. Global Retirement Partners LLC increased its stake in shares of Scholar Rock by 584.7% in the fourth quarter. Global Retirement Partners LLC now owns 897 shares of the company’s stock valued at $39,000 after purchasing an additional 766 shares during the period. New York State Common Retirement Fund lifted its position in shares of Scholar Rock by 117.5% during the 4th quarter. New York State Common Retirement Fund now owns 22,586 shares of the company’s stock valued at $976,000 after acquiring an additional 12,200 shares during the last quarter. Principal Financial Group Inc. acquired a new position in shares of Scholar Rock in the 4th quarter valued at $274,000. Rhumbline Advisers boosted its holdings in shares of Scholar Rock by 13.2% in the fourth quarter. Rhumbline Advisers now owns 113,261 shares of the company’s stock worth $4,895,000 after buying an additional 13,247 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in Scholar Rock by 29.0% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,850 shares of the company’s stock worth $858,000 after purchasing an additional 4,457 shares in the last quarter. Institutional investors and hedge funds own 91.08% of the company’s stock.

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.