Scholar Rock (NASDAQ:SRRK) Trading 8.7% Higher - Here's Why

Scholar Rock Holding Co. (NASDAQ:SRRK - Get Free Report) was up 8.7% during mid-day trading on Friday . The company traded as high as $38.60 and last traded at $39.08. Approximately 564,299 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 872,711 shares. The stock had previously closed at $35.96.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SRRK shares. Truist Financial raised their target price on shares of Scholar Rock from $36.00 to $45.00 and gave the stock a "buy" rating in a report on Monday, November 25th. HC Wainwright raised their target price 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. Finally, Wedbush reissued an "outperform" rating and issued a $47.00 target price on shares of Scholar Rock in a report on Wednesday, January 29th. Six 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, the company currently has an average rating of "Buy" and an average price target of $40.43.

Scholar Rock Stock Performance

The stock has a fifty day moving average price of $41.22 and a two-hundred day moving average price of $29.64. The company has a market cap of $3.39 billion, a P/E ratio of -15.42 and a beta of 0.50. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.88 and a quick ratio of 3.88.

Insider Buying and Selling

In related news, CFO Edward H. Myles sold 7,809 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $36.83, for a total transaction of $287,605.47. Following the sale, the chief financial officer now owns 140,740 shares of the company's stock, valued at $5,183,454.20. The trade was a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay T. Backstrom sold 22,308 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $44.20, for a total value of $986,013.60. Following the sale, the chief executive officer now directly owns 330,363 shares in the company, valued at approximately $14,602,044.60. The trade was a 6.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 149,974 shares of company stock valued at $5,927,710 over the last quarter. Corporate insiders own 19.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp acquired a new position in Scholar Rock in the fourth quarter worth approximately $212,000. GF Fund Management CO. LTD. acquired a new position in Scholar Rock in the fourth quarter worth approximately $85,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in Scholar Rock in the fourth quarter worth approximately $16,680,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Scholar Rock by 42.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,231 shares of the company's stock worth $5,845,000 after buying an additional 40,436 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its position in Scholar Rock by 317.4% in the fourth quarter. Voloridge Investment Management LLC now owns 201,576 shares of the company's stock worth $8,712,000 after buying an additional 153,280 shares during 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.