Scholar Rock (NASDAQ:SRRK) Sets New 52-Week High - Here's Why

Shares of Scholar Rock Holding Co. (NASDAQ:SRRK - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $24.90 and last traded at $24.90, with a volume of 3901171 shares. The stock had previously closed at $7.42.

Analyst Upgrades and Downgrades

SRRK has been the subject of several recent research reports. BMO Capital Markets boosted their target price on shares of Scholar Rock from $31.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday, August 9th. HC Wainwright upped their price objective on shares of Scholar Rock from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Scholar Rock from $20.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Wedbush upped their target price on shares of Scholar Rock from $27.00 to $37.00 and gave the company an "outperform" rating in a research note on Monday. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $27.75.

Scholar Rock Stock Up 328.0 %

The business's fifty day moving average price is $8.73 and its 200 day moving average price is $10.66. The company has a market capitalization of $2.53 billion, a P/E ratio of -15.12 and a beta of 0.82. The company has a current ratio of 6.04, a quick ratio of 6.04 and a debt-to-equity ratio of 0.36.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.01. During the same quarter in the prior year, the company earned ($0.47) EPS. As a group, equities research analysts predict that Scholar Rock Holding Co. will post -2.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Scholar Rock

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new stake in shares of Scholar Rock during the 2nd quarter worth approximately $98,000. Hsbc Holdings PLC acquired a new stake in shares of Scholar Rock during the 2nd quarter worth approximately $100,000. Point72 DIFC Ltd acquired a new stake in shares of Scholar Rock during the 2nd quarter worth approximately $103,000. Dark Forest Capital Management LP acquired a new stake in shares of Scholar Rock during the 2nd quarter worth approximately $135,000. Finally, Algert Global LLC grew its position in shares of Scholar Rock by 34.7% during the 2nd quarter. Algert Global LLC now owns 16,695 shares of the company's stock worth $139,000 after buying an additional 4,305 shares during the period. 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.