Fisher Asset Management LLC Raises Stock Position in Scholar Rock Holding Co. (NASDAQ:SRRK)

Fisher Asset Management LLC grew its holdings in Scholar Rock Holding Co. (NASDAQ:SRRK) by 593.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 734,019 shares of the company’s stock after acquiring an additional 628,186 shares during the period. Fisher Asset Management LLC owned about 0.92% of Scholar Rock worth $5,879,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Clearbridge Investments LLC acquired a new stake in Scholar Rock during the 2nd quarter valued at $6,223,000. Candriam S.C.A. acquired a new stake in Scholar Rock during the 2nd quarter valued at $6,201,000. Millennium Management LLC grew its holdings 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 in the last quarter. Marshall Wace LLP grew its holdings in Scholar Rock by 1,051.3% during the 2nd quarter. Marshall Wace LLP now owns 487,285 shares of the company’s stock valued at $4,059,000 after purchasing an additional 444,961 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in Scholar Rock by 151.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 439,557 shares of the company’s stock valued at $3,662,000 after purchasing an additional 264,581 shares in the last quarter. Hedge funds and other institutional investors own 91.08% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SRRK. Wedbush raised their price target on shares of Scholar Rock from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday. HC Wainwright raised their price target on shares of Scholar Rock from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Truist Financial raised their price target on shares of Scholar Rock from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday. JPMorgan Chase & Co. raised their price objective on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, Piper Sandler raised their price objective on shares of Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Scholar Rock presently has a consensus rating of “Buy” and an average price target of $40.43.

Insider Transactions at Scholar Rock

In other news, major shareholder Public Equities L.P. Invus sold 409,433 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $38.49, for a total value of $15,759,076.17. Following the transaction, the insider now directly owns 10,850,005 shares in the company, valued at approximately $417,616,692.45. This trade represents a 3.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tracey Sacco sold 30,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $25.62, for a total transaction of $768,600.00. Following the completion of the transaction, the insider now owns 49,285 shares in the company, valued at approximately $1,262,681.70. The trade was a 37.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,823,322 shares of company stock worth $56,411,627. 19.20% of the stock is currently owned by insiders.

Scholar Rock Price Performance

Shares of SRRK stock opened at $38.15 on Friday. The firm has a fifty day moving average of $24.29 and a two-hundred day moving average of $14.54. 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 firm has a market cap of $3.57 billion, a P/E ratio of -16.23 and a beta of 0.47.

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.