Northern Trust Corp Boosts Stock Position in Scholar Rock Holding Corporation $SRRK

Key Points

• Northern Trust Corp has increased its stake in Scholar Rock Holding Corporation by 2.5%, bringing its total ownership to approximately 765,280 shares valued at $24.6 million.
• Scholar Rock stocks have seen recent insider sales, with Mo Qatanani selling 24,066 shares and Jeffrey S. Flier selling 20,316 shares, indicating a notable decrease in insider ownership.
• Analysts have shown optimism with a consensus rating of "Buy" and price targets ranging from $45.00 to $53.00, highlighting a bullish outlook on the company's future performance.

Northern Trust Corp lifted its stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) by 2.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 765,280 shares of the company's stock after acquiring an additional 18,753 shares during the quarter. Northern Trust Corp owned approximately 0.81% of Scholar Rock worth $24,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. American Century Companies Inc. raised its position in shares of Scholar Rock by 1.1% during the first quarter. American Century Companies Inc. now owns 663,927 shares of the company's stock worth $21,345,000 after acquiring an additional 6,960 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Scholar Rock by 86.2% during the first quarter. Lord Abbett & CO. LLC now owns 877,374 shares of the company's stock worth $28,207,000 after acquiring an additional 406,074 shares during the last quarter. E Fund Management Co. Ltd. raised its position in shares of Scholar Rock by 88.9% during the first quarter. E Fund Management Co. Ltd. now owns 10,436 shares of the company's stock worth $336,000 after acquiring an additional 4,912 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Scholar Rock by 250,491.8% during the first quarter. Russell Investments Group Ltd. now owns 182,932 shares of the company's stock worth $5,881,000 after acquiring an additional 182,859 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Scholar Rock during the first quarter worth about $12,775,000. 91.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Scholar Rock news, insider Mo Qatanani sold 24,066 shares of the company'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 transaction, the insider directly owned 115,495 shares in the company, valued at $3,977,647.80. This represents a 17.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey S. Flier sold 11,136 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $40.02, for a total value of $445,662.72. Following the completion of the transaction, the director owned 24,070 shares in the company, valued at $963,281.40. This represents a 31.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,654 shares of company stock worth $2,299,310. 13.30% of the stock is currently owned by corporate insiders.

Scholar Rock Stock Performance

Shares of SRRK traded down $1.38 during mid-day trading on Thursday, hitting $33.00. The stock had a trading volume of 1,899,654 shares, compared to its average volume of 1,283,387. The firm has a market cap of $3.17 billion, a P/E ratio of -11.32 and a beta of 0.36. The business has a fifty day moving average price of $35.61 and a 200-day moving average price of $33.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.33 and a quick ratio of 6.33. Scholar Rock Holding Corporation has a 52 week low of $6.76 and a 52 week high of $46.98.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wedbush reiterated an "outperform" rating and issued a $50.00 target price on shares of Scholar Rock in a report on Wednesday, June 18th. Jefferies Financial Group started coverage on Scholar Rock in a research note on Thursday, August 21st. They issued a "buy" rating and a $50.00 price objective for the company. Lifesci Capital raised Scholar Rock to a "strong-buy" rating in a research note on Tuesday, June 3rd. Cantor Fitzgerald started coverage on Scholar Rock in a research note on Thursday, July 17th. They issued an "overweight" rating for the company. 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 note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $45.75.

Scholar Rock 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.