Srinivas Akkaraju Buys 29,599 Shares of Scholar Rock (NASDAQ:SRRK) Stock

Scholar Rock Holding Corporation (NASDAQ:SRRK) Director Srinivas Akkaraju purchased 29,599 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The shares were acquired at an average price of $39.92 per share, for a total transaction of $1,181,592.08. Following the completion of the transaction, the director owned 530,038 shares in the company, valued at $21,159,116.96. The trade was a 5.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Srinivas Akkaraju also recently made the following trade(s):

• On Monday, October 6th, Srinivas Akkaraju acquired 113,025 shares of Scholar Rock stock. The stock was acquired at an average cost of $38.65 per share, for a total transaction of $4,368,416.25.
• On Friday, October 3rd, Srinivas Akkaraju bought 387,414 shares of Scholar Rock stock. The stock was acquired at an average price of $37.27 per share, with a total value of $14,438,919.78.

Scholar Rock Stock Down 0.7%

Shares of NASDAQ SRRK opened at $44.01 on Thursday. Scholar Rock Holding Corporation has a 12-month low of $22.71 and a 12-month high of $48.28. The firm’s 50-day simple moving average is $36.32 and its 200 day simple moving average is $35.34. The company has a quick ratio of 6.30, a current ratio of 6.30 and a debt-to-equity ratio of 0.41. The company has a market cap of $4.49 billion, a price-to-earnings ratio of -13.97 and a beta of 0.61.

Scholar Rock (NASDAQ:SRRK) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). During the same quarter in the previous year, the business posted ($0.66) EPS. On average, research analysts expect that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on SRRK. Piper Sandler reduced their price objective on Scholar Rock from $52.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, September 24th. JPMorgan Chase & Co. upped their price target on Scholar Rock from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, November 18th. HC Wainwright lowered their price objective on Scholar Rock from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Scholar Rock in a research report on Thursday, December 11th. Finally, Leerink Partnrs upgraded shares of Scholar Rock to a “strong-buy” rating in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Scholar Rock has an average rating of “Buy” and a consensus price target of $48.92.

Hedge Funds Weigh In On Scholar Rock

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Scholar Rock by 124.5% in the third quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock valued at $169,289,000 after purchasing an additional 2,521,022 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Scholar Rock during the third quarter worth $91,670,000. Vestal Point Capital LP acquired a new position in shares of Scholar Rock in the 1st quarter valued at $41,795,000. Norges Bank bought a new stake in shares of Scholar Rock in the 2nd quarter valued at $41,628,000. Finally, RA Capital Management L.P. raised its stake in Scholar Rock by 6,351.3% during the 1st quarter. RA Capital Management L.P. now owns 1,136,453 shares of the company’s stock worth $36,537,000 after buying an additional 1,118,837 shares during the period. Institutional investors 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.