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

Scholar Rock Holding Co. (NASDAQ:SRRK) CEO Jay T. Backstrom sold 22,308 shares of the firm’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 value of $986,013.60. Following the completion of the sale, the chief executive officer now owns 330,363 shares of the company’s stock, valued at $14,602,044.60. This represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Scholar Rock Stock Performance

NASDAQ SRRK opened at $46.73 on Thursday. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -19.89 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 $46.81. The company has a 50 day moving average of $40.33 and a 200-day moving average of $23.75.

Wall Street Analyst Weigh In

SRRK has been the subject of several research reports. Wedbush reaffirmed an “outperform” rating and issued a $47.00 target price on shares of Scholar Rock in a research report on Thursday, January 9th. Piper Sandler lifted their target price on shares of Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. increased their price target on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. HC Wainwright lifted their price objective on Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, BMO Capital Markets increased their target price on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, October 11th. 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, the stock currently has a consensus rating of “Buy” and an average price target of $40.43.

Hedge Funds Weigh In On Scholar Rock

Institutional investors have recently bought and sold shares of the business. KBC Group NV bought a new position in shares of Scholar Rock in the fourth quarter valued at about $131,000. Nisa Investment Advisors LLC increased its position in Scholar Rock by 1,321.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,109 shares of the company’s stock valued at $48,000 after acquiring an additional 1,031 shares in the last quarter. Hamilton Lane Advisors LLC bought a new position in shares of Scholar Rock in the fourth quarter worth about $1,274,000. GAMMA Investing LLC lifted its position in shares of Scholar Rock by 51.8% during the fourth quarter. GAMMA Investing LLC now owns 788 shares of the company’s stock worth $34,000 after purchasing an additional 269 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Scholar Rock by 1.0% during the third quarter. JPMorgan Chase & Co. now owns 38,726 shares of the company’s stock valued at $310,000 after purchasing an additional 379 shares during the last quarter. 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.