Millennium Management LLC Has $6.30 Million Stock Holdings in Scholar Rock Holding Co. (NASDAQ:SRRK)

Millennium Management LLC trimmed its holdings in Scholar Rock Holding Co. (NASDAQ:SRRK - Free Report) by 78.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,700 shares of the company's stock after selling 524,642 shares during the period. Millennium Management LLC owned about 0.16% of Scholar Rock worth $6,297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SRRK. Global Retirement Partners LLC increased its position in shares of Scholar Rock by 584.7% in the 4th quarter. Global Retirement Partners LLC now owns 897 shares of the company's stock worth $39,000 after purchasing an additional 766 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Scholar Rock by 1,321.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,109 shares of the company's stock valued at $48,000 after buying an additional 1,031 shares during the last quarter. Amalgamated Bank increased its holdings in Scholar Rock by 30.6% in the fourth quarter. Amalgamated Bank now owns 2,643 shares of the company's stock valued at $114,000 after buying an additional 620 shares during the last quarter. KBC Group NV acquired a new stake in Scholar Rock during the fourth quarter valued at approximately $131,000. Finally, NEOS Investment Management LLC bought a new position in Scholar Rock during the 4th quarter worth approximately $209,000. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wedbush reiterated an "outperform" rating and issued a $50.00 price target on shares of Scholar Rock in a report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Scholar Rock presently has a consensus rating of "Buy" and a consensus target price of $42.67.

Scholar Rock Stock Performance

SRRK stock traded down $0.71 during midday trading on Friday, reaching $29.13. The company had a trading volume of 1,368,000 shares, compared to its average volume of 1,270,307. The firm has a market capitalization of $2.77 billion, a PE ratio of -12.40 and a beta of 0.37. The stock has a 50 day moving average price of $30.47 and a 200 day moving average price of $35.96. Scholar Rock Holding Co. has a fifty-two week low of $6.76 and a fifty-two week high of $46.98. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.04). During the same quarter last year, the business posted ($0.59) earnings per share. Analysts anticipate that Scholar Rock Holding Co. will post -2.42 earnings per share for the current year.

Insider Activity

In other news, insider Akshay Vaishnaw sold 6,750 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $29.72, for a total value of $200,610.00. Following the completion of the sale, the insider now directly owns 616,205 shares of the company's stock, valued at approximately $18,313,612.60. This represents a 1.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Edward H. Myles sold 142,292 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $35.62, for a total transaction of $5,068,441.04. Following the completion of the sale, the chief financial officer now directly owns 111,345 shares of the company's stock, valued at approximately $3,966,108.90. This represents a 56.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,798 shares of company stock valued at $6,284,738. 13.30% of the stock is currently owned by company insiders.

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.