Scholar Rock (NASDAQ:SRRK) Announces Earnings Results

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

Scholar Rock Stock Performance

Shares of SRRK stock traded up $7.34 during trading hours on Friday, hitting $37.41. 7,130,805 shares of the company were exchanged, compared to its average volume of 1,630,509. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -12.86 and a beta of 0.79. The firm has a fifty day simple moving average of $32.45 and a 200 day simple moving average of $33.39. The company has a current ratio of 6.33, a quick ratio of 6.33 and a debt-to-equity ratio of 0.21. Scholar Rock has a 52-week low of $22.71 and a 52-week high of $46.98.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Scholar Rock in a research report on Wednesday, October 8th. Raymond James Financial set a $53.00 target price on shares of Scholar Rock and gave the company a “strong-buy” rating in a research note on Wednesday, July 30th. Leerink Partners initiated coverage on Scholar Rock in a research note on Monday, September 15th. They issued an “outperform” rating and a $51.00 target price for the company. BMO Capital Markets restated an “outperform” rating and set a $50.00 target price on shares of Scholar Rock in a report on Friday. Finally, Truist Financial dropped their price target on Scholar Rock from $54.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $49.00.

Insider Activity

In related news, Director Srinivas Akkaraju acquired 387,414 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were acquired at an average price of $37.27 per share, with a total value of $14,438,919.78. Following the acquisition, the director owned 387,414 shares of the company’s stock, valued at approximately $14,438,919.78. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mo Qatanani sold 3,353 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $30.67, for a total value of $102,836.51. Following the sale, the insider owned 108,964 shares in the company, valued at approximately $3,341,925.88. This represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 7,537 shares of company stock worth $242,088. 13.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of Scholar Rock by 124.5% in the third quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company’s stock worth $169,289,000 after purchasing an additional 2,521,022 shares during the period. Balyasny Asset Management L.P. purchased a new position in Scholar Rock during the second quarter worth about $33,062,000. UBS Group AG increased its stake 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 acquiring an additional 792,760 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Scholar Rock by 97.4% in the 2nd quarter. Bank of America Corp DE now owns 644,232 shares of the company’s stock valued at $22,819,000 after acquiring an additional 317,847 shares in the last quarter. Finally, Bellevue Group AG boosted its position in shares of Scholar Rock by 10.1% during the 3rd quarter. Bellevue Group AG now owns 3,244,537 shares of the company’s stock valued at $120,827,000 after acquiring an additional 297,242 shares during the last quarter. 91.08% of the stock is owned by institutional investors.

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.