State Street Corp Sells 35,408 Shares of Scholar Rock Holding Co. (NASDAQ:SRRK)

State Street Corp lessened its holdings in shares of Scholar Rock Holding Co. (NASDAQ:SRRK) by 1.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,773,516 shares of the company’s stock after selling 35,408 shares during the period. State Street Corp’s holdings in Scholar Rock were worth $22,216,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Scholar Rock by 17.0% during the second quarter. Bank of New York Mellon Corp now owns 230,450 shares of the company’s stock worth $1,920,000 after acquiring an additional 33,468 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Scholar Rock during the second quarter valued at approximately $98,000. Rhumbline Advisers lifted its holdings in shares of Scholar Rock by 7.7% during the second quarter. Rhumbline Advisers now owns 101,278 shares of the company’s stock valued at $844,000 after purchasing an additional 7,222 shares during the last quarter. Candriam S.C.A. bought a new stake in shares of Scholar Rock in the 2nd quarter worth approximately $6,201,000. Finally, Quest Partners LLC grew its stake in shares of Scholar Rock by 629.2% in the 2nd quarter. Quest Partners LLC now owns 61,029 shares of the company’s stock worth $508,000 after buying an additional 52,660 shares during the last quarter. 91.08% of the stock is owned by hedge funds and other institutional investors.

Scholar Rock Stock Up 6.4 %

SRRK opened at $44.78 on Monday. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of -19.06 and a beta of 0.58. The firm has a 50 day moving average price of $33.66 and a 200-day moving average price of $18.15. Scholar Rock Holding Co. has a twelve month low of $6.76 and a twelve month high of $46.19. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63.

Analyst Ratings Changes

SRRK has been the subject of a number of recent research reports. Piper Sandler lifted their price objective on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lifted their price target on Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Wedbush increased their price objective on shares of Scholar Rock from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. HC Wainwright lifted their target price on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, BMO Capital Markets increased their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, October 11th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $40.43.

Insiders Place Their Bets

In related news, Director Srinivas Akkaraju sold 1,175,713 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $164,177,208. This trade represents a 17.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Public Equities L.P. Invus sold 409,433 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $38.49, for a total transaction of $15,759,076.17. Following the completion of the transaction, the insider now owns 10,850,005 shares in the company, valued at $417,616,692.45. The trade was a 3.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,821,386 shares of company stock valued at $56,395,016. Company insiders own 19.20% of the company’s stock.

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.