Scholar Rock (NASDAQ:SRRK) Issues Earnings Results

Scholar Rock (NASDAQ:SRRK) issued its quarterly earnings results on Friday. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02), FiscalAI reports. During the same quarter in the previous year, the company earned ($0.66) earnings per share.

Scholar Rock Stock Up 24.4%

NASDAQ:SRRK traded up $7.34 during trading hours on Friday, hitting $37.41. 7,130,805 shares of the stock traded hands, compared to its average volume of 1,630,509. The firm has a 50 day moving average price of $32.33 and a 200 day moving average price of $33.35. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -12.86 and a beta of 0.79. Scholar Rock has a fifty-two week low of $22.71 and a fifty-two week high of $46.98. The company has a current ratio of 6.33, a quick ratio of 6.33 and a debt-to-equity ratio of 0.21.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SRRK. Leerink Partnrs raised Scholar Rock to a “strong-buy” rating in a research note on Monday, September 15th. HC Wainwright cut their price target on shares of Scholar Rock from $50.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, September 23rd. Truist Financial lowered their price objective on shares of Scholar Rock from $54.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Barclays cut their target price on shares of Scholar Rock from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. Finally, Bank of America began coverage on shares of Scholar Rock in a research report on Thursday, October 9th. They issued a “buy” rating and a $53.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $49.00.

Insider Transactions at Scholar Rock

In other Scholar Rock news, insider Mo Qatanani sold 3,353 shares of Scholar Rock stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $30.67, for a total transaction of $102,836.51. Following the transaction, the insider owned 108,964 shares of the company’s stock, valued at $3,341,925.88. The trade was a 2.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Katie Peng sold 1,006 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $32.53, for a total value of $32,725.18. Following the completion of the transaction, the director owned 33,914 shares in the company, valued at $1,103,222.42. This represents a 2.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,537 shares of company stock valued at $242,088 over the last quarter. Company insiders own 13.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its holdings in shares of Scholar Rock by 124.5% during the 3rd quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock valued at $169,289,000 after acquiring an additional 2,521,022 shares in the last quarter. Vestal Point Capital LP increased its position in Scholar Rock by 15.4% in the 2nd quarter. Vestal Point Capital LP now owns 1,500,000 shares of the company’s stock worth $53,130,000 after purchasing an additional 200,000 shares during the last quarter. UBS Group AG increased its position in Scholar Rock by 233.8% in the 3rd quarter. UBS Group AG now owns 1,131,787 shares of the company’s stock worth $42,148,000 after purchasing an additional 792,760 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Scholar Rock during the 2nd quarter worth about $33,062,000. Finally, Bank of America Corp DE lifted its holdings in shares of Scholar Rock by 97.4% during the 2nd quarter. Bank of America Corp DE now owns 644,232 shares of the company’s stock valued at $22,819,000 after buying an additional 317,847 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.