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

State Street Corp lessened its stake in Scholar Rock Holding Co. (NASDAQ:SRRK) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,773,516 shares of the company’s stock after selling 35,408 shares during the period. State Street Corp owned approximately 2.96% of Scholar Rock worth $22,216,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. FMR LLC lifted its stake in Scholar Rock by 3.1% during the third quarter. FMR LLC now owns 10,196,046 shares of the company’s stock worth $81,670,000 after purchasing an additional 308,813 shares during the last quarter. Millennium Management LLC raised its holdings in shares of 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 buying an additional 568,512 shares in the last quarter. Hood River Capital Management LLC lifted its position in Scholar Rock by 5.1% in the 2nd quarter. Hood River Capital Management LLC now owns 832,792 shares of the company’s stock worth $6,937,000 after buying an additional 40,745 shares during the last quarter. abrdn plc boosted its stake in Scholar Rock by 28.2% in the third quarter. abrdn plc now owns 748,489 shares of the company’s stock worth $5,995,000 after buying an additional 164,715 shares in the last quarter. Finally, Clearbridge Investments LLC bought a new position in Scholar Rock during the second quarter valued at approximately $6,223,000. Institutional investors own 91.08% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Edward H. Myles sold 206,240 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the transaction, the chief financial officer now owns 161,088 shares in the company, valued at $4,278,497.28. The trade was a 56.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.25, for a total transaction of $34,389,605.25. Following the completion of the transaction, the director now directly owns 5,612,896 shares of the company’s stock, valued at approximately $164,177,208. The trade was 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 sold 1,821,386 shares of company stock worth $56,395,016. 19.20% of the stock is currently owned by company insiders.

Scholar Rock Stock Up 6.4 %

NASDAQ SRRK opened at $44.78 on Monday. The business’s 50-day moving average is $33.66 and its 200 day moving average is $18.15. The stock has a market capitalization of $4.19 billion, a PE ratio of -19.06 and a beta of 0.58. 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 $46.19.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. HC Wainwright boosted their price objective 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. BMO Capital Markets boosted their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. JPMorgan Chase & Co. raised their price objective on Scholar Rock from $18.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Wedbush lifted their price objective on Scholar Rock from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Finally, Piper Sandler increased their target price on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.43.

Scholar Rock 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.