Scholar Rock (NASDAQ:SRRK) Director Srinivas Akkaraju Buys 142,500 Shares of Stock

Scholar Rock Holding Corporation (NASDAQ:SRRK) Director Srinivas Akkaraju acquired 142,500 shares of Scholar Rock stock in a transaction dated Friday, October 23rd. The shares were acquired at an average price of $41.32 per share, with a total value of $5,888,100.00. Following the completion of the acquisition, the director directly owned 6,331,529 shares of the company’s stock, valued at approximately $261,618,778.28. The trade was a 2.30% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

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

Scholar Rock Price Performance

NASDAQ SRRK traded up $0.78 during trading hours on Tuesday, hitting $42.49. The company’s stock had a trading volume of 1,157,863 shares. Scholar Rock Holding Corporation has a 52 week low of $27.07 and a 52 week high of $61.76. The company’s 50-day simple moving average is $49.17 and its two-hundred day simple moving average is $48.17.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.84). During the same period last year, the company posted ($0.98) EPS. As a group, research analysts anticipate that Scholar Rock Holding Corporation will post -3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on SRRK. Barclays cut Scholar Rock from an “overweight” rating to a “cautious” rating in a research report on Tuesday, September 15th. HC Wainwright increased their price target on Scholar Rock from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Scholar Rock in a research note on Thursday, October 15th. Evercore reaffirmed an “outperform” rating and set a $72.00 price objective on shares of Scholar Rock in a report on Tuesday, September 15th. Finally, TD Cowen reiterated a “buy” rating on shares of Scholar Rock in a research note on Monday, September 14th. Four analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.67.

Institutional Investors Weigh In On Scholar Rock

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Scholar Rock during the 2nd quarter worth approximately $522,175,000. Redmile Group LLC boosted its stake in shares of Scholar Rock by 73.7% in the 1st quarter. Redmile Group LLC now owns 9,066,621 shares of the company’s stock worth $445,715,000 after buying an additional 3,845,775 shares during the last quarter. Jupiter Topco LLC bought a new position in shares of Scholar Rock in the second quarter valued at approximately $123,279,000. Bank of America Corp DE bought a new position in shares of Scholar Rock in the second quarter valued at approximately $53,474,000. Finally, Eagle Health Investments LP bought a new position in shares of Scholar Rock in the second quarter valued at approximately $30,540,000. Hedge funds and other institutional investors own 91.08% of the company’s stock.

About Scholar Rock

Scholar Rock, Inc is a biotechnology company focused on developing medicines that selectively target growth factors in the transforming growth factor beta (TGF-?) 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.