Bank of America Corp DE Takes $53.47 Million Position in Scholar Rock Holding Corporation $SRRK

Key Points

• Bank of America acquired a new 972,257-share stake in Scholar Rock worth approximately $53.47 million, representing about 0.8% of the company. Institutional investors collectively own 91.08% of SRRK.
• Scholar Rock reported quarterly EPS of -$0.84, in line with analyst expectations, while shares opened at $46.65 and remain within a 12-month range of $27.07 to $61.76.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $66.00; recent targets include $64 from Wedbush and $84 from BMO Capital Markets.

Bank of America Corp DE purchased a new stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 972,257 shares of the company's stock, valued at approximately $53,474,000. Bank of America Corp DE owned about 0.80% of Scholar Rock as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Scholar Rock by 20.8% during the second quarter. GAMMA Investing LLC now owns 1,406 shares of the company's stock valued at $77,000 after acquiring an additional 242 shares during the last quarter. Values First Advisors Inc. grew its stake in Scholar Rock by 1.5% in the 1st quarter. Values First Advisors Inc. now owns 18,850 shares of the company's stock valued at $927,000 after purchasing an additional 286 shares during the period. IFP Advisors Inc increased its position in shares of Scholar Rock by 294.1% during the 4th quarter. IFP Advisors Inc now owns 603 shares of the company's stock valued at $27,000 after purchasing an additional 450 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Scholar Rock by 151.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 872 shares of the company's stock worth $38,000 after purchasing an additional 525 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Scholar Rock by 92.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,270 shares of the company's stock worth $62,000 after buying an additional 610 shares during the last quarter. 91.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Scholar Rock

In related news, Director Joshua Reed 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 value of $164,068.22. Following the sale, the director owned 19,518 shares in the company, valued at approximately $1,048,897.32. This trade represents a 13.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jeffrey Flier sold 3,053 shares of Scholar Rock stock in a transaction on Wednesday, July 1st. The shares were 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 of the company's stock, valued at $1,500,881.28. This represents a 9.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 17,149 shares of company stock worth $923,108. 10.30% of the stock is owned by corporate insiders.

Scholar Rock Stock Performance

Shares of SRRK opened at $46.65 on Monday. Scholar Rock Holding Corporation has a twelve month low of $27.07 and a twelve month high of $61.76. The stock has a market cap of $5.68 billion, a PE ratio of -13.52 and a beta of 0.67. The company has a quick ratio of 7.02, a current ratio of 7.02 and a debt-to-equity ratio of 0.77. The business's 50-day moving average price is $52.84 and its 200-day moving average price is $49.67.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.84) EPS for the quarter, meeting the consensus estimate of ($0.84). During the same quarter in the previous year, the firm posted ($0.98) EPS. On average, equities analysts forecast that Scholar Rock Holding Corporation will post -3.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SRRK has been the subject of a number of research analyst reports. Wedbush restated an "outperform" rating and set a $64.00 price objective on shares of Scholar Rock in a report on Tuesday, September 15th. BMO Capital Markets increased their target price on shares of Scholar Rock from $76.00 to $84.00 and gave the company an "outperform" rating in a research report on Monday, September 14th. Cantor Fitzgerald restated an "overweight" rating on shares of Scholar Rock in a research note on Thursday, June 18th. UBS Group reaffirmed a "buy" rating on shares of Scholar Rock in a report on Tuesday, September 15th. Finally, TD Cowen reiterated a "buy" rating on shares of Scholar Rock in a research note on Monday, September 14th. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $66.00.

Scholar Rock Profile

Scholar Rock, Inc is a biopharmaceutical company focused on developing medicines that selectively target growth factors in their latent forms. The company's approach is designed to modulate the activation of growth factors in specific tissues, with the goal of addressing diseases in which these biological pathways contribute to impaired function or abnormal tissue growth.

Scholar Rock's lead program is apitegromab, a monoclonal antibody designed to inhibit the activation of myostatin. The company has studied apitegromab as a potential treatment for spinal muscular atrophy, a genetic neuromuscular disorder that causes progressive muscle weakness and loss of motor function.

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