Scholar Rock (NASDAQ:SRRK) Trading Down 4.6% – Here’s Why

Scholar Rock Holding Co. (NASDAQ:SRRK) shares traded down 4.6% during trading on Thursday . The stock 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 research firms have weighed in on SRRK. Piper Sandler raised their price objective on shares of Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Truist Financial lifted their price target on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 25th. HC Wainwright raised their target price on Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. BMO Capital Markets upped their price target on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, October 11th. Finally, Wedbush reaffirmed an “outperform” rating and set a $47.00 price objective on shares of Scholar Rock in a report on Wednesday. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $40.43.

Scholar Rock Stock Down 5.1 %

The company has a fifty day simple moving average of $41.94 and a 200 day simple moving average of $24.97. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $3.78 billion, a P/E ratio of -17.19 and a beta of 0.52.

Insiders Place Their Bets

In other news, General Counsel Junlin Ho sold 9,039 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $44.20, for a total value of $399,523.80. Following the transaction, the general counsel now owns 195,037 shares of the company’s stock, valued at approximately $8,620,635.40. The trade was a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay T. Backstrom sold 22,308 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $44.20, for a total transaction of $986,013.60. Following the completion of the transaction, the chief executive officer now directly owns 330,363 shares of the company’s stock, 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. In the last quarter, insiders sold 458,974 shares of company stock valued at $17,948,788. Company insiders own 19.20% of the company’s stock.

Hedge Funds Weigh In On Scholar Rock

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in shares of Scholar Rock in the second quarter valued at approximately $769,000. Hsbc Holdings PLC purchased a new stake in Scholar Rock in the 2nd quarter valued at $100,000. Marshall Wace LLP increased its stake in shares of Scholar Rock by 1,051.3% in the 2nd quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock worth $4,059,000 after acquiring an additional 444,961 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Scholar Rock by 1,289.6% during the 2nd quarter. Squarepoint Ops LLC now owns 145,060 shares of the company’s stock worth $1,208,000 after acquiring an additional 134,621 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Scholar Rock by 287.2% in the second quarter. AQR Capital Management LLC now owns 39,754 shares of the company’s stock valued at $331,000 after purchasing an additional 29,487 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.