Scholar Rock Holding Co. (NASDAQ:SRRK – Get Free Report)’s stock price fell 5.4% on Thursday . The stock traded as low as $26.21 and last traded at $26.36. 155,336 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,125,663 shares. The stock had previously closed at $27.86.
Analysts Set New Price Targets
SRRK has been the subject of several research reports. BMO Capital Markets lifted their price objective on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, October 11th. Piper Sandler boosted their price objective on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. HC Wainwright upped their target price on Scholar Rock from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Wedbush reiterated an “outperform” rating and set a $37.00 price target on shares of Scholar Rock in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. upped their price objective on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Scholar Rock currently has a consensus rating of “Buy” and a consensus price target of $34.00.
Get Our Latest Research Report on SRRK
Scholar Rock Stock Performance
Insider Buying and Selling
In related news, CFO Edward H. Myles sold 206,240 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the completion of the sale, the chief financial officer now owns 161,088 shares of the company’s stock, valued at approximately $4,278,497.28. This represents a 56.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $29.25, for a total value of $34,389,605.25. Following the completion of the sale, the director now owns 5,612,896 shares of the company’s stock, valued at $164,177,208. This trade represents a 17.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,413,889 shares of company stock worth $40,652,551. Insiders own 19.20% of the company’s stock.
Institutional Trading of Scholar Rock
Several large investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC lifted its stake in shares of Scholar Rock by 11.7% in the 1st quarter. ProShare Advisors LLC now owns 15,412 shares of the company’s stock valued at $274,000 after purchasing an additional 1,620 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Scholar Rock by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 2,969,534 shares of the company’s stock worth $52,739,000 after purchasing an additional 114,550 shares during the period. American International Group Inc. increased its holdings in Scholar Rock by 3.0% in the 1st quarter. American International Group Inc. now owns 28,407 shares of the company’s stock valued at $505,000 after purchasing an additional 834 shares during the last quarter. Redmile Group LLC raised its position in Scholar Rock by 0.3% in the first quarter. Redmile Group LLC now owns 6,419,610 shares of the company’s stock valued at $114,012,000 after purchasing an additional 17,105 shares during the period. Finally, Bayesian Capital Management LP acquired a new position in Scholar Rock during the first quarter worth $258,000. 91.08% of the stock is currently owned by hedge funds and other institutional investors.
Scholar Rock Company Profile
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.
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