Insider Buying: Scholar Rock (NASDAQ:SRRK) Director Buys 142,500 Shares of Company Stock

by · The Markets Daily

Scholar Rock Holding Corporation (NASDAQ:SRRK – Get Free Report) Director Srinivas Akkaraju acquired 142,500 shares of the company’s stock in a transaction dated Friday, October 23rd. The stock was acquired at an average cost of $41.32 per share, for a total transaction of $5,888,100.00. Following the completion of the purchase, the director directly owned 6,331,529 shares in the company, valued at $261,618,778.28. This trade represents a 2.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

  • On Monday, October 26th, Srinivas Akkaraju bought 146,970 shares of Scholar Rock stock. The shares were acquired at an average cost of $41.59 per share, with a total value of $6,112,482.30.

Scholar Rock Trading Up 1.9%

NASDAQ SRRK traded up $0.78 during trading hours on Tuesday, hitting $42.49. 1,157,863 shares of the company’s stock were exchanged. The stock has a 50-day simple moving average of $49.17 and a 200 day simple moving average of $48.17. Scholar Rock Holding Corporation has a 1-year low of $27.07 and a 1-year high of $61.76.

Scholar Rock (NASDAQ:SRRK – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.84). During the same period last year, the business earned ($0.98) earnings per share. Research analysts expect that Scholar Rock Holding Corporation will post -3.29 earnings per share for the current year.

Institutional Investors Weigh In On Scholar Rock

Hedge funds have recently added to or reduced their stakes in the company. Moody Aldrich Partners LLC increased its holdings in shares of Scholar Rock by 2.4% during the third quarter. Moody Aldrich Partners LLC now owns 48,381 shares of the company’s stock valued at $2,338,000 after acquiring an additional 1,153 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Scholar Rock by 616.3% in the 3rd quarter. Sterling Capital Management LLC now owns 3,603 shares of the company’s stock worth $174,000 after purchasing an additional 3,100 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of Scholar Rock by 4,101.2% in the 3rd quarter. Inspire Investing LLC now owns 7,268 shares of the company’s stock worth $351,000 after purchasing an additional 7,095 shares in the last quarter. QP Wealth Management LLC bought a new position in shares of Scholar Rock in the 3rd quarter worth $395,000. Finally, Nisa Investment Advisors LLC grew its position in Scholar Rock by 28.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,618 shares of the company’s stock valued at $127,000 after purchasing an additional 574 shares during the period. Institutional investors and hedge funds own 91.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on SRRK shares. Jefferies Financial Group lifted their price objective on shares of Scholar Rock from $57.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, September 14th. JPMorgan Chase & Co. increased their target price on shares of Scholar Rock from $63.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, September 21st. UBS Group restated a “buy” rating on shares of Scholar Rock in a report on Tuesday, September 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Scholar Rock in a research note on Monday, September 21st. Finally, Piper Sandler upped their price objective on shares of Scholar Rock from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Scholar Rock currently has an average rating of “Moderate Buy” and an average price target of $67.67.

Get Our Latest Report on Scholar Rock

About Scholar Rock

(Get Free Report)

Scholar Rock, Inc is a biotechnology company focused on developing medicines that selectively target growth factors in the transforming growth factor beta (TGF-β) superfamily. The company’s research is intended to address serious diseases in which these signaling pathways play an important role, including neuromuscular and metabolic conditions.

Scholar Rock’s lead investigational product is apitegromab, a monoclonal antibody designed to inhibit the activation of myostatin, a protein that limits muscle growth.

Recommended Stories