Octagon Capital Advisors LP Sells 159,000 Shares of Scholar Rock Holding Corporation $SRRK

Key Points

• Octagon Capital Advisors LP reduced its stake in Scholar Rock Holding Corporation by 32.6%, selling 159,000 shares, which decreased their ownership to 329,000 shares.
• Several hedge funds have increased their holdings in Scholar Rock, with Ameriprise Financial raising their stake by 79.5% and Janus Henderson Group increasing theirs by 5,951.3% in the last quarter.
• Scholar Rock's stock currently has a consensus rating of "Buy" from analysts, with a price target of $45.75 after recent upgrades and coverage initiations.

Octagon Capital Advisors LP cut its stake in Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 32.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 329,000 shares of the company's stock after selling 159,000 shares during the quarter. Scholar Rock accounts for about 1.1% of Octagon Capital Advisors LP's portfolio, making the stock its 21st biggest position. Octagon Capital Advisors LP owned approximately 0.35% of Scholar Rock worth $10,577,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new stake in shares of Scholar Rock in the first quarter worth approximately $1,159,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scholar Rock in the first quarter worth approximately $458,000. Millennium Management LLC raised its stake in shares of Scholar Rock by 37.4% in the first quarter. Millennium Management LLC now owns 200,255 shares of the company's stock worth $6,438,000 after purchasing an additional 54,555 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Scholar Rock by 12.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,046 shares of the company's stock worth $1,709,000 after purchasing an additional 5,831 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Scholar Rock by 609.3% during the 1st quarter. AQR Capital Management LLC now owns 57,294 shares of the company's stock worth $1,842,000 after buying an additional 49,217 shares in the last quarter. 91.08% of the stock is owned by hedge funds and other institutional investors.

Scholar Rock Stock Performance

Shares of NASDAQ:SRRK traded down $0.17 during mid-day trading on Friday, reaching $31.67. The company had a trading volume of 1,264,428 shares, compared to its average volume of 1,755,245. 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 firm has a market cap of $3.04 billion, a price-to-earnings ratio of -10.88 and a beta of 0.36. The company's 50-day moving average price is $35.11 and its 200-day moving average price is $33.24. Scholar Rock Holding Corporation has a one year low of $6.76 and a one year high of $46.98.

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 in the prior year, the company earned ($0.60) EPS. As a group, equities research analysts anticipate that Scholar Rock Holding Corporation will post -2.42 EPS for the current fiscal year.

Insider Activity at Scholar Rock

In related news, Director Jeffrey S. Flier sold 11,136 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $40.02, for a total transaction of $445,662.72. Following the sale, the director directly owned 24,070 shares in the company, valued at approximately $963,281.40. The trade was a 31.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mo Qatanani sold 24,066 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $34.44, for a total value of $828,833.04. Following the completion of the transaction, the insider owned 115,495 shares of the company's stock, valued at approximately $3,977,647.80. This represents a 17.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,654 shares of company stock worth $2,299,310. Insiders own 13.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on SRRK. Cantor Fitzgerald began coverage on shares of Scholar Rock in a research report on Thursday, July 17th. They set an "overweight" rating on the stock. Wedbush reissued an "outperform" rating and set a $50.00 target price on shares of Scholar Rock in a research report on Wednesday, June 18th. Jefferies Financial Group began coverage on shares of Scholar Rock in a research report on Thursday, August 21st. They set a "buy" rating and a $50.00 target price on the stock. Raymond James Financial set a $53.00 target price on shares of Scholar Rock and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Finally, BMO Capital Markets dropped their target price on shares of Scholar Rock from $57.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. Based on data from MarketBeat.com, Scholar Rock presently has a consensus rating of "Buy" and a consensus target price of $45.75.

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.