Lord Abbett & CO. LLC Purchases 406,074 Shares of Scholar Rock Holding Corporation $SRRK

Key Points

• Lord Abbett & CO. LLC increased its holdings in Scholar Rock Holding Corporation by 86.2%, owning 877,374 shares valued at approximately $28.2 million.
• Several institutional investors, including Price T Rowe Associates and Wellington Management Group, have significantly boosted their stakes in Scholar Rock, with institutional ownership now at 91.08%.
• Despite high institutional interest, Scholar Rock reported a loss of ($0.98) EPS for the last quarter, missing analysts' estimates, and forecasts indicate earnings of -2.42 EPS for the current year.

Lord Abbett & CO. LLC raised its holdings in Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 86.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 877,374 shares of the company's stock after purchasing an additional 406,074 shares during the period. Lord Abbett & CO. LLC owned 0.92% of Scholar Rock worth $28,207,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. CWM LLC lifted its stake in Scholar Rock by 152.8% during the 1st quarter. CWM LLC now owns 996 shares of the company's stock valued at $32,000 after acquiring an additional 602 shares during the period. Federated Hermes Inc. bought a new position in Scholar Rock in the first quarter worth about $71,000. GF Fund Management CO. LTD. grew its stake in shares of Scholar Rock by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 2,396 shares of the company's stock worth $77,000 after acquiring an additional 430 shares during the last quarter. Tema Etfs LLC acquired a new stake in shares of Scholar Rock during the 4th quarter worth approximately $209,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Scholar Rock during the 4th quarter valued at approximately $212,000. 91.08% of the stock is currently owned by institutional investors.

Scholar Rock Price Performance

NASDAQ SRRK traded down $0.88 during trading hours on Friday, reaching $31.41. 1,775,181 shares of the company's stock were exchanged, compared to its average volume of 1,572,597. The firm has a fifty day moving average of $35.73 and a 200-day moving average of $34.00. Scholar Rock Holding Corporation has a one year low of $6.76 and a one year high of $46.98. The company has a current ratio of 6.33, a quick ratio of 6.33 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.02 billion, a PE ratio of -10.79 and a beta of 0.48.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.98) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.32). During the same period last year, the company posted ($0.60) earnings per share. On average, equities research analysts predict that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jeffrey S. Flier sold 11,136 shares of Scholar Rock stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $40.02, for a total transaction of $445,662.72. Following the sale, the director owned 24,070 shares of the company's stock, valued at approximately $963,281.40. The trade was a 31.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mo Qatanani sold 24,066 shares of Scholar Rock stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $34.44, for a total transaction of $828,833.04. Following the completion of the transaction, the insider directly owned 115,495 shares of the company's stock, valued at $3,977,647.80. This trade represents a 17.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 93,654 shares of company stock worth $3,101,811 over the last ninety days. Insiders own 13.30% of the company's stock.

Analysts Set New Price Targets

SRRK has been the subject of a number of recent research reports. BMO Capital Markets cut their target price on Scholar Rock from $57.00 to $45.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Raymond James Financial set a $53.00 price objective on Scholar Rock and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Wedbush restated an "outperform" rating and set a $50.00 target price on shares of Scholar Rock in a research note on Wednesday, June 18th. Lifesci Capital raised Scholar Rock to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Cantor Fitzgerald assumed coverage on Scholar Rock in a report on Thursday, July 17th. They set an "overweight" rating on the stock. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Scholar Rock presently has an average rating of "Buy" and a consensus target price of $45.14.

Scholar Rock Company 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.