Adage Capital Partners GP L.L.C. Purchases 423,131 Shares of Scholar Rock Holding Corporation $SRRK

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Scholar Rock Holding Corporation by 26.5%, owning approximately 2.13% of the company, valued at $64.88 million.
• Scholar Rock's stock has experienced volatility, with a one-year high of $46.98 and a one-year low of $6.76, currently trading at $33.12.
• Insiders have sold a significant amount of stock recently, with one insider selling 24,066 shares and another 11,136 shares, indicating changes in insider ownership levels.

Adage Capital Partners GP L.L.C. raised its stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 26.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,018,000 shares of the company's stock after purchasing an additional 423,131 shares during the quarter. Adage Capital Partners GP L.L.C. owned 2.13% of Scholar Rock worth $64,879,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in SRRK. Hsbc Holdings PLC acquired a new stake in Scholar Rock during the fourth quarter valued at approximately $571,000. Northern Trust Corp boosted its holdings in Scholar Rock by 20.3% during the fourth quarter. Northern Trust Corp now owns 746,527 shares of the company's stock valued at $32,265,000 after purchasing an additional 125,904 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Scholar Rock by 79.5% during the fourth quarter. Ameriprise Financial Inc. now owns 18,816 shares of the company's stock valued at $813,000 after purchasing an additional 8,331 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Scholar Rock in the 4th quarter worth approximately $990,000. Finally, Baird Financial Group Inc. acquired a new position in shares of Scholar Rock in the 4th quarter worth approximately $1,379,000. 91.08% of the stock is owned by institutional investors and hedge funds.

Scholar Rock Trading Down 3.2%

NASDAQ:SRRK traded down $1.03 during trading hours on Friday, hitting $31.41. 2,113,953 shares of the stock were exchanged, compared to its average volume of 1,712,805. The company's 50 day moving average is $35.46 and its two-hundred day moving average is $33.46. Scholar Rock Holding Corporation has a twelve month low of $6.76 and a twelve month high of $46.98. The company has a quick ratio of 6.33, a current ratio of 6.33 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.02 billion, a P/E ratio of -10.79 and a beta of 0.36.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.32). During the same quarter in the prior year, the company posted ($0.60) EPS. On average, sell-side analysts anticipate that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current fiscal year.

Insider Activity

In other Scholar Rock news, insider Mo Qatanani sold 24,066 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $34.44, for a total value of $828,833.04. Following the transaction, the insider owned 115,495 shares of the company's stock, valued at approximately $3,977,647.80. This represents a 17.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey S. Flier sold 20,316 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $32.24, for a total value of $654,987.84. Following the completion of the transaction, the director directly owned 24,070 shares in the company, valued at $776,016.80. The trade was a 45.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,654 shares of company stock worth $2,299,310 in the last three months. Insiders own 13.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SRRK. BMO Capital Markets reduced their target price on Scholar Rock from $57.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Wedbush reissued an "outperform" rating and issued a $50.00 target price on shares of Scholar Rock in a report on Wednesday, June 18th. Raymond James Financial set a $53.00 target price on Scholar Rock and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Lifesci Capital raised Scholar Rock to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Cantor Fitzgerald began coverage on Scholar Rock in a report on Thursday, July 17th. They issued an "overweight" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to MarketBeat, Scholar Rock currently has an average rating of "Buy" and an average price target of $45.75.

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.