Fmr LLC Grows Holdings in Scholar Rock Holding Co. (NASDAQ:SRRK)

Fmr LLC boosted its position in Scholar Rock Holding Co. (NASDAQ:SRRK) by 3.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,196,046 shares of the company’s stock after buying an additional 308,813 shares during the period. Fmr LLC owned 0.13% of Scholar Rock worth $81,670,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Millennium Management LLC boosted its stake in Scholar Rock by 159.2% during the 2nd quarter. Millennium Management LLC now owns 925,584 shares of the company’s stock valued at $7,710,000 after purchasing an additional 568,512 shares during the period. Hood River Capital Management LLC boosted its position in Scholar Rock by 5.1% during the 2nd quarter. Hood River Capital Management LLC now owns 832,792 shares of the company’s stock worth $6,937,000 after acquiring an additional 40,745 shares during the period. abrdn plc increased its stake in Scholar Rock by 28.2% in the 3rd quarter. abrdn plc now owns 748,489 shares of the company’s stock valued at $5,995,000 after buying an additional 164,715 shares during the period. Clearbridge Investments LLC acquired a new position in shares of Scholar Rock in the second quarter worth $6,223,000. Finally, Candriam S.C.A. purchased a new stake in shares of Scholar Rock during the 2nd quarter worth about $6,201,000. 91.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Scholar Rock

In other news, insider Tracey Sacco sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $25.62, for a total value of $768,600.00. Following the transaction, the insider now owns 49,285 shares in the company, valued at $1,262,681.70. This trade represents a 37.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $29.25, for a total value of $34,389,605.25. Following the transaction, the director now owns 5,612,896 shares in the company, valued at approximately $164,177,208. This trade represents a 17.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,823,322 shares of company stock worth $56,411,627. Company insiders own 19.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SRRK. Piper Sandler boosted their price objective on shares of Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Wedbush upped their target price on shares of Scholar Rock from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Truist Financial lifted their price target on Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 25th. HC Wainwright increased their price objective on Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets boosted their target price on Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $40.43.

Scholar Rock Stock Performance

Scholar Rock stock opened at $41.86 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.88 and a quick ratio of 3.88. Scholar Rock Holding Co. has a 1 year low of $6.76 and a 1 year high of $43.38. The business has a 50 day moving average of $27.98 and a 200-day moving average of $15.61. The company has a market capitalization of $3.92 billion, a P/E ratio of -17.81 and a beta of 0.58.

Scholar Rock Company Profile

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.