Norges Bank Takes Position in Scholar Rock Holding Corporation $SRRK

Key Points

• Norges Bank initiated a new position in Scholar Rock Holding Corporation, buying 2.08 million shares valued at about $91.6 million and ending with roughly 2.04% ownership.
• Institutional interest remains high, with hedge funds and other investors owning 91.08% of the stock; several firms also increased their stakes in recent quarters.
• Insiders sold shares in April, including CEO David Hallal and CFO Vikas Sinha, while analysts remain mostly upbeat with an average “Buy” rating and a consensus price target of $56.

Norges Bank purchased a new stake in Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,079,515 shares of the company's stock, valued at approximately $91,603,000. Norges Bank owned approximately 2.04% of Scholar Rock at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Scholar Rock by 161.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 713,988 shares of the company's stock worth $26,589,000 after acquiring an additional 440,401 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Scholar Rock by 74.0% during the 4th quarter. Jennison Associates LLC now owns 2,795,188 shares of the company's stock worth $123,128,000 after acquiring an additional 1,188,676 shares in the last quarter. HighVista Strategies LLC boosted its position in shares of Scholar Rock by 90.8% during the 3rd quarter. HighVista Strategies LLC now owns 59,573 shares of the company's stock worth $2,218,000 after acquiring an additional 28,343 shares in the last quarter. Eagle Health Investments LP boosted its position in shares of Scholar Rock by 34.9% during the 3rd quarter. Eagle Health Investments LP now owns 363,300 shares of the company's stock worth $13,529,000 after acquiring an additional 93,900 shares in the last quarter. Finally, Granahan Investment Management LLC boosted its position in shares of Scholar Rock by 77.1% during the 3rd quarter. Granahan Investment Management LLC now owns 129,914 shares of the company's stock worth $4,838,000 after acquiring an additional 56,539 shares in the last quarter. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Scholar Rock

In other news, CEO David Hallal sold 30,615 shares of the business's stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $49.57, for a total transaction of $1,517,585.55. Following the completion of the sale, the chief executive officer directly owned 1,639,034 shares of the company's stock, valued at $81,246,915.38. The trade was a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 business's stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $49.57, for a total transaction of $516,023.70. Following the transaction, the chief financial officer owned 619,856 shares in the company, valued at approximately $30,726,261.92. This trade represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 63,491 shares of company stock valued at $3,147,249. 13.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SRRK has been the topic of several analyst reports. Truist Financial increased their price target on shares of Scholar Rock from $44.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Barclays raised their target price on shares of Scholar Rock from $53.00 to $55.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Scholar Rock in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price target on shares of Scholar Rock from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Finally, Wedbush raised their price target on shares of Scholar Rock from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Wednesday, April 1st. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Scholar Rock has an average rating of "Buy" and an average target price of $56.00.

Scholar Rock Price Performance

SRRK stock opened at $44.30 on Friday. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of -12.34 and a beta of 0.69. The company has a quick ratio of 8.64, a current ratio of 8.64 and a debt-to-equity ratio of 0.71. Scholar Rock Holding Corporation has a 12-month low of $27.07 and a 12-month high of $52.19. The company's fifty day simple moving average is $48.00 and its 200 day simple moving average is $45.63.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.01). During the same quarter in the previous year, the company earned ($0.67) EPS. On average, analysts expect that Scholar Rock Holding Corporation will post -3.23 earnings per share for the current year.

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).

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