Scholar Rock (NASDAQ:SRRK) Stock Price Up 9.2% – Still a Buy?

Scholar Rock Holding Co. (NASDAQ:SRRK)’s stock price rose 9.2% during mid-day trading on Friday . The company traded as high as $29.17 and last traded at $29.12. Approximately 317,947 shares changed hands during trading, a decline of 72% from the average daily volume of 1,124,785 shares. The stock had previously closed at $26.67.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SRRK shares. JPMorgan Chase & Co. upped their price target on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Piper Sandler boosted their price target on shares of Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. BMO Capital Markets lifted their price objective on Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. HC Wainwright raised their price target on Scholar Rock from $35.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Wedbush restated an “outperform” rating and issued a $37.00 price objective on shares of Scholar Rock in a research report on Monday, November 4th. 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 presently has an average rating of “Buy” and an average target price of $34.00.

Scholar Rock Stock Up 12.2 %

The business has a 50-day moving average of $22.10 and a 200 day moving average of $13.95. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.88 and a quick ratio of 3.88. The company has a market capitalization of $2.80 billion, a PE ratio of -12.67 and a beta of 0.47.

Insider Buying and Selling

In other Scholar Rock news, Director Srinivas Akkaraju sold 1,175,713 shares of Scholar Rock stock in a transaction on Monday, October 7th. The stock was sold at an average price of $29.25, for a total value of $34,389,605.25. Following the sale, the director now owns 5,612,896 shares in the company, valued at $164,177,208. The trade was a 17.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Edward H. Myles sold 206,240 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $26.56, for a total value of $5,477,734.40. Following the completion of the sale, the chief financial officer now owns 161,088 shares in the company, valued at $4,278,497.28. This represents a 56.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,413,889 shares of company stock worth $40,652,551 over the last three months. 19.20% of the stock is owned by insiders.

Institutional Trading of Scholar Rock

A number of institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in Scholar Rock by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $25,000 after purchasing an additional 514 shares during the period. Quarry LP increased its holdings in shares of Scholar Rock by 3,443.3% in the 3rd quarter. Quarry LP now owns 4,500 shares of the company’s stock valued at $36,000 after purchasing an additional 4,373 shares in the last quarter. Walleye Trading LLC purchased a new position in Scholar Rock in the first quarter valued at about $178,000. Principal Financial Group Inc. acquired a new stake in Scholar Rock in the second quarter valued at $98,000. Finally, Hsbc Holdings PLC purchased a new stake in Scholar Rock in the 2nd quarter valued at approximately $100,000. 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.