Bank of America Corp DE Buys 286,126 Shares of Scholar Rock Holding Corporation $SRRK

Key Points

• Bank of America increased its Scholar Rock stake by 27.2% in the first quarter, adding 286,126 shares to hold 1.34 million shares worth approximately $65.7 million. Institutional investors collectively own 91.08% of the company.
• Scholar Rock reported quarterly EPS of -$0.84, matching analyst expectations, while analysts project a full-year loss of $3.25 per share. The stock opened at $51.89 and has a one-year range of $27.07 to $58.49.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $56.79; however, insiders sold shares primarily to cover tax obligations tied to equity awards.

Bank of America Corp DE lifted its stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 27.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,336,632 shares of the company's stock after purchasing an additional 286,126 shares during the period. Bank of America Corp DE owned 1.12% of Scholar Rock worth $65,709,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Jennison Associates LLC increased its stake in shares of Scholar Rock by 74.0% during the 4th quarter. Jennison Associates LLC now owns 2,795,188 shares of the company's stock worth $123,128,000 after purchasing an additional 1,188,676 shares during the last quarter. iA Global Asset Management Inc. acquired a new stake in Scholar Rock in the 4th quarter valued at about $5,430,000. Geode Capital Management LLC lifted its stake in Scholar Rock by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 2,034,024 shares of the company's stock valued at $89,616,000 after purchasing an additional 79,214 shares during the last quarter. Norges Bank bought a new position in Scholar Rock during the fourth quarter worth about $91,603,000. Finally, First Turn Management LLC bought a new position in Scholar Rock during the fourth quarter worth about $20,251,000. Institutional investors and hedge funds own 91.08% of the company's stock.

Insiders Place Their Bets

In related news, Director Jeffrey S. Flier sold 3,053 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.88, for a total value of $164,495.64. Following the sale, the director directly owned 27,856 shares in the company, valued at $1,500,881.28. This represents a 9.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kristina Burow sold 3,053 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $53.74, for a total transaction of $164,068.22. Following the sale, the director owned 114,657 shares of the company's stock, valued at approximately $6,161,667.18. This trade represents a 2.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 17,149 shares of company stock valued at $923,108 over the last three months. Insiders own 10.30% of the company's stock.

Scholar Rock Stock Performance

Shares of NASDAQ:SRRK opened at $51.89 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 8.64 and a quick ratio of 8.64. Scholar Rock Holding Corporation has a 1 year low of $27.07 and a 1 year high of $58.49. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of -15.04 and a beta of 0.69. The company's 50 day simple moving average is $50.15 and its 200 day simple moving average is $47.92.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.84) earnings per share for the quarter, meeting the consensus estimate of ($0.84). During the same period last year, the firm posted ($0.98) earnings per share. As a group, research analysts predict that Scholar Rock Holding Corporation will post -3.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SRRK. Cantor Fitzgerald restated an "overweight" rating on shares of Scholar Rock in a research note on Thursday, June 18th. Citigroup lifted their target price on Scholar Rock from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday. Wedbush reissued an "outperform" rating and set a $58.00 target price on shares of Scholar Rock in a report on Monday. Canaccord Genuity Group assumed coverage on Scholar Rock in a research note on Monday, April 20th. They issued a "buy" rating and a $62.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Scholar Rock in a report on Friday, July 17th. Four research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $56.79.

Scholar Rock Company Profile

Scholar Rock is a clinical-stage biotechnology company focused on the discovery and development of protein therapeutics that selectively target growth factors involved in disease processes. The company's research platform is designed to modulate endogenous growth factor activation and signaling with high specificity, aiming to restore normal biological function across a range of disorders. Scholar Rock's approach is distinguished by its emphasis on engineering antibodies and biologics that interact with growth factor precursors or latent complexes rather than the active form, potentially offering improved safety and efficacy profiles.

The company's lead program, SRK-015 (appercept), is an investigational monoclonal antibody targeting the activation of latent myostatin proproteins and is being evaluated for the treatment of spinal muscular atrophy (SMA).

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