Scholar Rock Holding Co. (NASDAQ:SRRK) Stock Holdings Lifted by Millennium Management LLC

Millennium Management LLC lifted its stake in shares of Scholar Rock Holding Co. (NASDAQ:SRRK) by 159.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 925,584 shares of the company’s stock after acquiring an additional 568,512 shares during the quarter. Millennium Management LLC owned 1.16% of Scholar Rock worth $7,710,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Scholar Rock by 16.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,321,471 shares of the company’s stock worth $156,444,000 after purchasing an additional 1,149,519 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of Scholar Rock during the fourth quarter valued at $534,000. Goldman Sachs Group Inc. raised its position in Scholar Rock by 31.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,430,764 shares of the company’s stock valued at $26,898,000 after buying an additional 342,690 shares during the period. Wellington Management Group LLP purchased a new stake in Scholar Rock in the 4th quarter worth about $1,347,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in Scholar Rock by 66.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 13,868 shares of the company’s stock worth $246,000 after acquiring an additional 5,522 shares during the period. 91.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on SRRK shares. BMO Capital Markets raised their price target on shares of Scholar Rock from $31.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. HC Wainwright boosted their price target on shares of Scholar Rock from $30.00 to $35.00 and gave the company a “buy” rating in a report on Monday. Wedbush increased their price objective on Scholar Rock from $27.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday. Finally, JPMorgan Chase & Co. dropped their target price on Scholar Rock from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $27.75.

Insider Activity

In other Scholar Rock news, Director Srinivas Akkaraju sold 1,175,713 shares of Scholar Rock 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 transaction, the director now directly owns 5,612,896 shares in the company, valued at approximately $164,177,208. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Edward H. Myles sold 206,240 shares of the stock in a transaction on 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 completion of the sale, the chief financial officer now owns 161,088 shares of the company’s stock, valued at $4,278,497.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the company’s stock in a transaction on 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,415,340 shares of company stock valued at $40,666,088 in the last quarter. Company insiders own 26.20% of the company’s stock.

Scholar Rock Price Performance

SRRK opened at $27.77 on Thursday. The company has a fifty day moving average price of $10.01 and a two-hundred day moving average price of $10.99. The company has a debt-to-equity ratio of 0.36, a quick ratio of 6.04 and a current ratio of 6.04. The firm has a market capitalization of $2.21 billion, a PE ratio of -13.29 and a beta of 0.82. Scholar Rock Holding Co. has a 52 week low of $6.48 and a 52 week high of $35.38.

Scholar Rock (NASDAQ:SRRK) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.01. During the same quarter in the prior year, the business posted ($0.47) EPS. As a group, analysts anticipate that Scholar Rock Holding Co. will post -2.39 earnings per share for the current year.

About Scholar Rock

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.