Scholar Rock Holding Co. (NASDAQ:SRRK) CEO Jay T. Backstrom Sells 22,308 Shares

Scholar Rock Holding Co. (NASDAQ:SRRK) 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 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 $14,602,044.60. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Scholar Rock Stock Performance

Shares of NASDAQ SRRK traded up $1.75 during midday trading on Tuesday, reaching $44.88. The company had a trading volume of 1,004,933 shares, compared to its average volume of 1,009,194. The stock has a market cap of $4.20 billion, a P/E ratio of -19.10 and a beta of 0.52. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63. Scholar Rock Holding Co. has a 1 year low of $6.76 and a 1 year high of $46.19. The business’s 50-day simple moving average is $39.58 and its 200 day simple moving average is $23.33.

Analysts Set New Price Targets

SRRK has been the subject of several recent research reports. Truist Financial boosted their price target on Scholar Rock from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Wedbush reissued an “outperform” rating and set a $47.00 price target on shares of Scholar Rock in a research report on Thursday, January 9th. BMO Capital Markets raised their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, October 11th. HC Wainwright boosted their price objective on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $40.43.

Institutional Trading of Scholar Rock

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clearbridge Investments LLC purchased a new position in shares of Scholar Rock in the second quarter worth about $6,223,000. Fisher Asset Management LLC raised its position in Scholar Rock by 593.6% during the 3rd quarter. Fisher Asset Management LLC now owns 734,019 shares of the company’s stock worth $5,879,000 after buying an additional 628,186 shares during the last quarter. Millennium Management LLC lifted its stake in Scholar Rock by 159.2% during the 2nd quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock valued at $7,710,000 after acquiring an additional 568,512 shares during the period. Marshall Wace LLP lifted its stake in Scholar Rock by 1,051.3% during the 2nd quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock valued at $4,059,000 after acquiring an additional 444,961 shares during the period. Finally, FMR LLC boosted its holdings in shares of Scholar Rock by 3.1% in the 3rd quarter. FMR LLC now owns 10,196,046 shares of the company’s stock valued at $81,670,000 after acquiring an additional 308,813 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.