State of New Jersey Common Pension Fund D Buys New Position in Scholar Rock Holding Corporation $SRRK

Key Points

• State of New Jersey Common Pension Fund D initiated a new position in Scholar Rock, buying 21,327 shares valued at about $939,000 in the fourth quarter.
• Other institutions have also been active in the stock, with large holders like Wellington Management and UBS significantly increasing their stakes. Institutional investors now own 91.08% of Scholar Rock shares.
• Analysts remain bullish overall, with multiple firms raising price targets and the stock carrying a Buy consensus rating and average target of $56.00. Meanwhile, insiders recently sold shares to cover tax withholding obligations tied to equity awards.

State of New Jersey Common Pension Fund D bought a new stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,327 shares of the company's stock, valued at approximately $939,000.

Several other hedge funds have also recently added to or reduced their stakes in SRRK. Wellington Management Group LLP boosted its stake in shares of Scholar Rock by 124.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,545,887 shares of the company's stock valued at $169,289,000 after purchasing an additional 2,521,022 shares during the last quarter. Holocene Advisors LP bought a new stake in Scholar Rock during the third quarter valued at $91,670,000. Balyasny Asset Management L.P. bought a new stake in Scholar Rock during the second quarter valued at $33,062,000. UBS Group AG grew its holdings in Scholar Rock by 233.8% during the 3rd quarter. UBS Group AG now owns 1,131,787 shares of the company's stock worth $42,148,000 after acquiring an additional 792,760 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of Scholar Rock by 232.1% in the 3rd quarter. Federated Hermes Inc. now owns 800,455 shares of the company's stock worth $29,809,000 after acquiring an additional 559,455 shares in the last quarter. Institutional investors own 91.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SRRK shares. HC Wainwright upped their target price on Scholar Rock from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Friday. Raymond James Financial reiterated a "strong-buy" rating on shares of Scholar Rock in a report on Tuesday, March 3rd. Barclays increased their price target on Scholar Rock from $53.00 to $55.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup raised their price objective on shares of Scholar Rock from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Finally, JPMorgan Chase & Co. lifted their price objective 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. Five analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $56.00.

Insiders Place Their Bets

In related news, insider Akshay Vaishnaw sold 12,246 shares of Scholar Rock stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $49.57, for a total value of $607,034.22. Following the completion of the sale, the insider owned 630,542 shares of the company's stock, valued at approximately $31,255,966.94. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO David Hallal sold 30,615 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer directly owned 1,639,034 shares in the company, valued at $81,246,915.38. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 102,736 shares of company stock worth $4,977,900 in the last quarter. Insiders own 13.30% of the company's stock.

Scholar Rock Stock Down 0.1%

SRRK stock opened at $48.35 on Tuesday. The stock's 50 day simple moving average is $46.25 and its 200 day simple moving average is $43.28. The company has a market cap of $5.79 billion, a P/E ratio of -13.47 and a beta of 0.70. The company has a debt-to-equity ratio of 0.41, a quick ratio of 6.95 and a current ratio of 6.95. Scholar Rock Holding Corporation has a fifty-two week low of $27.07 and a fifty-two week high of $51.63.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.83) EPS for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.01). During the same quarter in the previous year, the business earned ($0.67) earnings per share. On average, research analysts expect that Scholar Rock Holding Corporation will post -3.11 earnings per share for the current fiscal 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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