Lord Abbett & CO. LLC Buys 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 lifted its position in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 86.2% during the first quarter, according to the company in 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 quarter. Lord Abbett & CO. LLC owned 0.92% of Scholar Rock worth $28,207,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CWM LLC lifted its holdings in Scholar Rock by 152.8% during the first quarter. CWM LLC now owns 996 shares of the company's stock worth $32,000 after acquiring an additional 602 shares in the last quarter. Federated Hermes Inc. acquired a new stake in shares of Scholar Rock during the first quarter worth about $71,000. GF Fund Management CO. LTD. lifted its holdings in shares of Scholar Rock by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,396 shares of the company's stock valued at $77,000 after purchasing an additional 430 shares in the last quarter. Tema Etfs LLC acquired a new position in shares of Scholar Rock in the 4th quarter valued at approximately $209,000. Finally, Mackenzie Financial Corp bought a new stake in Scholar Rock during the 4th quarter worth approximately $212,000. Institutional investors own 91.08% of the company's stock.

Scholar Rock Stock Up 14.2%

SRRK traded up $4.28 on Wednesday, hitting $34.40. 5,374,357 shares of the company were exchanged, compared to its average volume of 1,581,708. The stock's fifty day moving average is $35.62 and its 200-day moving average is $33.92. Scholar Rock Holding Corporation has a 12 month low of $6.76 and a 12 month high of $46.98. The company has a debt-to-equity ratio of 0.21, a quick ratio of 6.33 and a current ratio of 6.33. The company has a market cap of $3.31 billion, a PE ratio of -11.82 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) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.32). During the same period in the previous year, the business earned ($0.60) earnings per share. Equities research analysts predict that Scholar Rock Holding Corporation will post -2.42 EPS for the current fiscal year.

Insider Transactions at Scholar Rock

In other Scholar Rock news, insider Mo Qatanani sold 24,066 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $34.44, for a total value of $828,833.04. Following the completion of the sale, the insider owned 115,495 shares in the company, valued at $3,977,647.80. This trade represents a 17.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael Gilman sold 3,375 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $29.72, for a total transaction of $100,305.00. Following the completion of the sale, the director directly owned 55,216 shares in the company, valued at approximately $1,641,019.52. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,654 shares of company stock valued at $3,101,811. 13.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SRRK has been the topic of a number of research reports. Raymond James Financial set a $53.00 price target on shares of Scholar Rock and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Cantor Fitzgerald assumed coverage on shares of Scholar Rock in a research report on Thursday, July 17th. They issued an "overweight" rating on the stock. Lifesci Capital upgraded Scholar Rock to a "strong-buy" rating in a report on Tuesday, June 3rd. Wedbush restated an "outperform" rating and issued a $50.00 price target on shares of Scholar Rock in a report on Wednesday, June 18th. Finally, BMO Capital Markets reduced their price objective on Scholar Rock from $57.00 to $45.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently 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.