Principal Financial Group Inc. Takes $274,000 Position in Scholar Rock Holding Co. (NASDAQ:SRRK)

Principal Financial Group Inc. purchased a new stake in Scholar Rock Holding Co. (NASDAQ:SRRK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,345 shares of the company’s stock, valued at approximately $274,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. FMR LLC increased its stake in shares of Scholar Rock by 3.1% in the 3rd quarter. FMR LLC now owns 10,196,046 shares of the company’s stock valued at $81,670,000 after purchasing an additional 308,813 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Scholar Rock by 8.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,543,025 shares of the company’s stock valued at $12,361,000 after purchasing an additional 120,489 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Scholar Rock by 593.6% in the 3rd quarter. Fisher Asset Management LLC now owns 734,019 shares of the company’s stock valued at $5,879,000 after purchasing an additional 628,186 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Scholar Rock by 9.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 502,793 shares of the company’s stock valued at $4,027,000 after purchasing an additional 42,139 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Scholar Rock by 16.2% in the 3rd quarter. Wellington Management Group LLP now owns 199,777 shares of the company’s stock valued at $1,600,000 after purchasing an additional 27,801 shares during the last quarter. Institutional investors own 91.08% of the company’s stock.

Insider Buying and Selling at Scholar Rock

In other Scholar Rock news, insider Mo Qatanani sold 68,510 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.40, for a total value of $2,562,274.00. Following the sale, the insider now owns 111,084 shares in the company, valued at approximately $4,154,541.60. The trade was a 38.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jay T. Backstrom sold 18,372 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $36.83, for a total value of $676,640.76. Following the completion of the sale, the chief executive officer now owns 311,991 shares in the company, valued at $11,490,628.53. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 149,974 shares of company stock worth $5,927,710. Insiders own 19.20% of the company’s stock.

Scholar Rock Trading Down 0.4 %

NASDAQ SRRK opened at $36.00 on Friday. The business’s 50-day moving average price is $40.51 and its two-hundred day moving average price is $30.11. Scholar Rock Holding Co. has a 12 month low of $6.76 and a 12 month high of $46.98. The firm has a market capitalization of $3.41 billion, a PE ratio of -15.32 and a beta of 0.59. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SRRK shares. HC Wainwright raised their price objective on Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Wedbush restated an “outperform” rating and set a $47.00 price objective on shares of Scholar Rock in a research report on Wednesday, January 29th. Finally, Truist Financial boosted their price objective on Scholar Rock from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $40.43.

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.