First Turn Management LLC Buys Shares of 459,727 Scholar Rock Holding Corporation $SRRK

Key Points

• First Turn Management LLC initiated a new position in Scholar Rock, buying 459,727 shares worth about $20.25 million in the fourth quarter. The stake represents 2.3% of the fund’s portfolio and about 0.45% of the company.
• Scholar Rock shares were down 1.1% to $44.18, with the stock trading below its recent average price and a market cap of about $5.29 billion. The company still sits well above its 52-week low, but below its high of $52.19.
• The company reported a quarterly loss of ($0.83) per share, slightly worse than analysts expected, while multiple Wall Street firms remain positive. The consensus analyst rating is Buy, with a average price target of $56.00.

First Turn Management LLC bought a new stake in Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 459,727 shares of the company's stock, valued at approximately $20,251,000. Scholar Rock comprises 2.3% of First Turn Management LLC's portfolio, making the stock its 22nd largest position. First Turn Management LLC owned about 0.45% of Scholar Rock at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SRRK. Wellington Management Group LLP grew its position in Scholar Rock by 124.5% in the third quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company's stock valued at $169,289,000 after acquiring an additional 2,521,022 shares during the last quarter. Holocene Advisors LP bought a new position in Scholar Rock in the third quarter valued at about $91,670,000. Norges Bank bought a new position in Scholar Rock in the fourth quarter valued at about $91,603,000. Siren L.L.C. grew its position in Scholar Rock by 17.0% in the fourth quarter. Siren L.L.C. now owns 10,825,013 shares of the company's stock valued at $476,842,000 after acquiring an additional 1,575,008 shares during the last quarter. Finally, Jennison Associates LLC grew its position in Scholar Rock by 74.0% in the fourth quarter. Jennison Associates LLC now owns 2,795,188 shares of the company's stock valued at $123,128,000 after acquiring an additional 1,188,676 shares during the last quarter. Institutional investors own 91.08% of the company's stock.

Scholar Rock Trading Down 1.1%

Shares of SRRK stock opened at $44.18 on Friday. The company has a market cap of $5.29 billion, a P/E ratio of -12.31 and a beta of 0.69. The stock has a 50 day simple moving average of $47.88 and a two-hundred day simple moving average of $45.82. The company has a debt-to-equity ratio of 0.71, a quick ratio of 8.64 and a current ratio of 8.64. Scholar Rock Holding Corporation has a fifty-two week low of $27.07 and a fifty-two week high of $52.19.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.83) earnings per share for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.01). During the same period last year, the company posted ($0.67) earnings per share. Research analysts forecast that Scholar Rock Holding Corporation will post -3.23 earnings per share for the current year.

Insider Transactions at Scholar Rock

In other news, CEO David Hallal sold 30,615 shares of the company's stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $49.57, for a total transaction of $1,517,585.55. Following the transaction, the chief executive officer directly owned 1,639,034 shares of the company's stock, valued at $81,246,915.38. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Vikas Sinha sold 10,410 shares of the company's stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $49.57, for a total value of $516,023.70. Following the transaction, the chief financial officer directly owned 619,856 shares in the company, valued at $30,726,261.92. The trade was a 1.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 63,491 shares of company stock worth $3,147,249. 13.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wedbush lifted their target price on Scholar Rock from $56.00 to $58.00 and gave the company an "outperform" rating in a research report on Wednesday, April 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Scholar Rock in a research note on Tuesday, April 21st. Piper Sandler lifted their price target on Scholar Rock from $51.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, March 4th. Citigroup lifted their price target on Scholar Rock from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. Finally, HC Wainwright lifted their price target on Scholar Rock from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $56.00.

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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