Scholar Rock (NASDAQ:SRRK) Hits New 1-Year High - Here's Why

Scholar Rock Holding Co. (NASDAQ:SRRK - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $44.00 and last traded at $43.31, with a volume of 171392 shares. The stock had previously closed at $41.86.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SRRK shares. BMO Capital Markets increased their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an "outperform" rating in a research report on Friday, October 11th. JPMorgan Chase & Co. increased their target price on Scholar Rock from $18.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Piper Sandler boosted their price target on Scholar Rock from $28.00 to $42.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. Wedbush raised their price objective on Scholar Rock from $40.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, November 25th. Finally, Truist Financial boosted their target price on shares of Scholar Rock from $36.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $40.43.

Scholar Rock Price Performance

The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -18.55 and a beta of 0.58. 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 50-day simple moving average of $28.68 and a two-hundred day simple moving average of $15.85.

Insider Buying and Selling at Scholar Rock

In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the company's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $29.25, for a total value of $34,389,605.25. Following the completion of the sale, the director now owns 5,612,896 shares of the company's stock, valued at $164,177,208. This represents a 17.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Public Equities L.P. Invus sold 409,433 shares of the firm's stock in a transaction dated 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 transaction, the insider now directly owns 10,850,005 shares in the company, valued at approximately $417,616,692.45. The trade was a 3.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,823,322 shares of company stock valued at $56,411,627 in the last ninety days. Company insiders own 19.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SRRK. FMR LLC grew its holdings in Scholar Rock by 3.1% during the third quarter. FMR LLC now owns 10,196,046 shares of the company's stock worth $81,670,000 after acquiring an additional 308,813 shares during the period. Geode Capital Management LLC boosted its position in shares of Scholar Rock by 8.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,543,025 shares of the company's stock valued at $12,361,000 after purchasing an additional 120,489 shares in the last quarter. Millennium Management LLC grew its stake in shares of Scholar Rock by 159.2% in the 2nd quarter. Millennium Management LLC now owns 925,584 shares of the company's stock worth $7,710,000 after purchasing an additional 568,512 shares during the last quarter. Hood River Capital Management LLC raised its holdings in shares of Scholar Rock by 5.1% in the 2nd quarter. Hood River Capital Management LLC now owns 832,792 shares of the company's stock worth $6,937,000 after purchasing an additional 40,745 shares in the last quarter. Finally, abrdn plc lifted its stake in Scholar Rock by 28.2% during the third quarter. abrdn plc now owns 748,489 shares of the company's stock valued at $5,995,000 after purchasing an additional 164,715 shares during the last quarter. 91.08% of the stock is currently owned by institutional investors.

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.