Jennison Associates LLC Buys 545,304 Shares of Scholar Rock Holding Corporation $SRRK

Key Points

• Jennison Associates LLC increased its stake in Scholar Rock by 19.5% in the first quarter, buying 545,304 additional shares and bringing its total holdings to 3,340,492 shares worth about $164.2 million.
• Scholar Rock’s stock was trading at $52.86, near its 52-week high of $58.49, with a market cap of $6.33 billion and strong liquidity ratios, though the company remains unprofitable.
• Recent earnings showed a slight miss versus analyst expectations, and Wall Street remains mostly bullish with a consensus Buy rating and an average target price of $56.00.

Jennison Associates LLC raised its position in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 19.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,340,492 shares of the company's stock after acquiring an additional 545,304 shares during the period. Jennison Associates LLC owned approximately 2.80% of Scholar Rock worth $164,219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Three Seasons Wealth LLC raised its position in Scholar Rock by 2.1% in the 4th quarter. Three Seasons Wealth LLC now owns 10,968 shares of the company's stock worth $483,000 after purchasing an additional 222 shares during the period. Values First Advisors Inc. raised its holdings in shares of Scholar Rock by 1.5% in the first quarter. Values First Advisors Inc. now owns 18,850 shares of the company's stock worth $927,000 after buying an additional 286 shares during the period. IFP Advisors Inc lifted its stake in shares of Scholar Rock by 294.1% during the 4th quarter. IFP Advisors Inc now owns 603 shares of the company's stock worth $27,000 after acquiring an additional 450 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Scholar Rock by 151.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 872 shares of the company's stock valued at $38,000 after acquiring an additional 525 shares during the period. Finally, California State Teachers Retirement System grew its position in Scholar Rock by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 62,372 shares of the company's stock valued at $2,209,000 after acquiring an additional 577 shares during the last quarter. Institutional investors own 91.08% of the company's stock.

Scholar Rock Price Performance

NASDAQ SRRK opened at $52.86 on Friday. The company has a market cap of $6.33 billion, a PE ratio of -14.72 and a beta of 0.67. The firm's 50 day moving average price is $50.05 and its 200-day moving average price is $47.28. 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 52-week low of $27.07 and a 52-week high of $58.49.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last posted 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 in the prior year, the firm posted ($0.67) earnings per share. Sell-side analysts forecast that Scholar Rock Holding Corporation will post -3.23 EPS for the current fiscal year.

Insider Transactions at Scholar Rock

In other news, Director Jeffrey S. Flier sold 3,053 shares of the business's stock in a transaction 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 completion of the transaction, the director directly owned 27,856 shares of the company's stock, valued at approximately $1,500,881.28. The trade was a 9.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Katie Peng sold 5,446 shares of Scholar Rock stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $53.88, for a total value of $293,430.48. Following the completion of the transaction, the director owned 34,301 shares in the company, valued at $1,848,137.88. This trade represents a 13.70% 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. In the last quarter, insiders sold 17,149 shares of company stock worth $923,108. Company insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SRRK. Weiss Ratings reiterated a "sell (d-)" rating on shares of Scholar Rock in a research report on Tuesday, April 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Scholar Rock in a research report on Thursday, June 18th. Wedbush raised their target price on shares of Scholar Rock from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 1st. Barclays boosted their price target on Scholar Rock from $53.00 to $55.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Finally, HC Wainwright raised their price objective on Scholar Rock from $58.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Four analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $56.00.

About Scholar Rock

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).

Want to see what other hedge funds are holding SRRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.