Jay T. Backstrom, the Chief Executive Officer of Scholar Rock Holding Corp (NASDAQ:SRRK), reported a recent stock sale according to an SEC Form 4 filing. On January 16, Backstrom sold 22,308 shares of the company’s common stock at an average price of $44.1972 per share, totaling approximately $985,951. The transaction comes as SRRK trades near its 52-week high of $46.19, having delivered an impressive 395% return over the past six months. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value.
This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) on January 15. As noted in the filing, the sale was not a discretionary trade by Backstrom but was required under the company’s equity incentive plans.
Following the transaction, Backstrom holds 330,363 shares, which includes 57,149 shares of common stock and 273,214 RSUs.
In other recent news, Scholar Rock is making significant strides in the biopharmaceutical industry with its promising drug, apitegromab, a potential treatment for spinal muscular atrophy (SMA). The company is on track to submit regulatory applications for the drug in the first quarter of 2025, with a U.S. commercial launch anticipated in the fourth quarter of the same year. Analyst firms H.C. Wainwright, Truist Securities, and BMO Capital Markets have all increased their price targets for Scholar Rock following successful Phase 3 SAPPHIRE study results for apitegromab, which led to significant improvements in motor function in patients.
In other recent developments, Scholar Rock is also advancing its cardiometabolic program with top-line data from the Phase 2 EMBRAZE trial in obesity expected in the second quarter of 2025. The company is also preparing an Investigational New Drug (IND) application for a new candidate, SRK-439, for obesity treatment.
Additionally, Scholar Rock has initiated the Phase 2 OPAL clinical trial for SMA patients under two years old, set to begin in mid-2025. The company maintains a robust financial position, with sufficient funds to support operations and capital expenditure requirements into the fourth quarter of 2026. These recent developments highlight Scholar Rock’s consistent efforts to address unmet needs in the medical field.
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