# Scholar Rock Holding Corporation (SRRK)

> Source: Nexqual · https://nexqual.com/SRRK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Scholar Rock Holding Corporation (SRRK), nexqual.com/SRRK" · informational, not investment advice.

**Price:** USD 41.96 (-2.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 43 · day 41.5–43.36 · 52w 27.07–61.76 · market cap $5.11B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $0K, net income -$409M, free cash flow -$297M (SEC filings).
- 1 of 80 tracked superinvestors hold SRRK (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $4.1M; 4 not under a Rule 10b5-1 plan ($3.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (18 analysts), mean target USD 70.44 (range 58–84).
- Total return with dividends: 1Y +46.4% vs S&P 500 +14.9%; 5Y +60.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD -0.84, revenue estimate $284K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.8M | $33.2M | — | — | $0K | $0K |
| Operating income | -$130M | -$134M | -$171M | -$252M | -$385M | -$406M |
| Net income | -$132M | -$135M | -$166M | -$246M | -$378M | -$409M |
| EPS (diluted) | -$3.59 | -$2.26 | -$1.99 | -$2.47 | -$3.29 | — |
| Free cash flow | -$132M | -$134M | -$145M | -$201M | -$301M | -$297M |
| Operating margin | -690.5% | -404.8% | — | — | — | — |
| Net margin | -700.5% | -405.2% | — | — | — | — |
| Revenue growth | +22.2% | +76.4% | — | — | — | — |
| Cash + short-term investments | $253M | $315M | $280M | $437M | $368M | — |
| Total debt | $52.0M | $51.0M | $51.0M | $50.1M | $99.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 20.1x · FCF yield -5.81% · Earnings yield -8.00% · Net cash $296M · EV $4.81B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SRRK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.9M | Added +0.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-01 | Flier Jeffrey S. | Director | 3,053 | $164K | 9.9% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Gilman Michael | Director | 2,544 | $137K | 4.1% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Burow Kristina | Director | 3,053 | $164K | 0.1% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Reed Joshua | Director | 3,053 | $164K | 13.5% | Yes (adopted March 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Peng Katie | Director | 5,446 | $293K | 13.7% | Yes (adopted March 20, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-16 | Woods Keith | Chief Operating Officer | 10,220 | $507K | 1.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-16 | Vaishnaw Akshay | President of R&D | 12,246 | $607K | 1.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-16 | Sinha Vikas | Chief Financial Officer | 10,410 | $516K | 1.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-16 | Hallal David | Chief Executive Officer | 30,615 | $1.5M | 1.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 18 analysts; mean target USD 70.44 (low 58, high 84).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | Truist Securities | Target raised | Buy | $76 → $77 |
| 2026-09-21 | JP Morgan | Target raised | Overweight | $63 → $70 |
| 2026-09-15 | Evercore ISI Group | Target raised | Outperform | $65 → $72 |
| 2026-09-15 | Piper Sandler | Target raised | Overweight | $60 → $75 |
| 2026-09-15 | Jefferies | Target raised | Buy | $57 → $65 |
| 2026-09-15 | Wedbush | Target raised | Outperform | $64 → $70 |
| 2026-09-15 | Barclays | Downgrade | Overweight → Equal-Weight | $55 → $58 |
| 2026-09-15 | HC Wainwright & Co. | Target raised | Buy | $65 → $70 |
| 2026-09-14 | Raymond James | Target raised | Strong Buy | $65 → $72 |
| 2026-09-14 | BMO Capital | Target raised | Outperform | $76 → $84 |
| 2026-09-14 | Truist Securities | Target raised | Buy | $55 → $76 |
| 2026-09-14 | Citigroup | Target raised | Buy | $60 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +46.4% | +60.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +46.6% | +9.9% |
| Volatility (annualized) | 54.3% | 95.2% |
| Max drawdown | -34.0% (Aug 2026→Oct 2026) | -86.0% (Nov 2021→May 2022) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/SRRK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SRRK's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1727196/000110465926022551/srrk-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Jefferies | "Sales to, or through, Jefferies by us could result in substantial dilution to the interests of other holders of our common stock." |
| Partner | Oxford Finance | "In February 2025, we entered into the Existing Loan Agreement with Oxford for up to $200 million, of which $25.0 million from Tranche 1 was received in October 2020, $25.0 million from Tranche 2 was received in December …" |
| Partner | Adimab | "On March 12, 2019, we entered into an amended and restated collaboration agreement (the "Adimab Agreement") with Adimab, LLC ("Adimab")." |

## Company outlook (8-K filed 2026-08-06)

- "The Company plans to provide updated guidance on timelines for a Committee for Medicinal Products for Human Use (CHMP) opinion upon alignment with the EMA. • Continued robust enrollment in Phase 2 OPAL trial ."
- "The Phase 2 randomized, double-blind, placebo-controlled trial, called FORGE, is expected to enroll approximately 60 patients with FSHD who will be randomized 1:1 to receive either apitegromab 10mg/kg IV or placebo every 4 weeks for 52 weeks."
- "A Phase 1 study evaluating SRK-439 in healthy volunteers is progressing well with topline data anticipated in late 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.84 | $-0.85 | -1.0% | $283,670 | 12 |
| Next quarter (ends 2026-12-31) | $-0.75 | $-0.64 | +17.5% | $5.2M | 16 |
| Current fiscal year (ends 2026-12-31) | $-3.21 | $-3.07 | +4.7% | $5.7M | 12 |
| Next fiscal year (ends 2027-12-31) | $-2.64 | $-2.55 | +3.3% | $141.7M | 15 |