Jennison Associates LLC Buys New Shares in Scholar Rock Holding Co. (NASDAQ:SRRK)

Jennison Associates LLC bought a new stake in Scholar Rock Holding Co. (NASDAQ:SRRK - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 137,049 shares of the company's stock, valued at approximately $2,577,000. Jennison Associates LLC owned approximately 0.19% of Scholar Rock as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. abrdn plc purchased a new position in shares of Scholar Rock in the fourth quarter worth $3,177,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Scholar Rock by 270.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,967 shares of the company's stock worth $281,000 after buying an additional 10,927 shares during the last quarter. Clarius Group LLC purchased a new position in shares of Scholar Rock in the fourth quarter worth $281,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Scholar Rock by 53.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,983 shares of the company's stock worth $470,000 after buying an additional 8,662 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Scholar Rock in the fourth quarter worth $768,000. 91.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $28.00 price target on shares of Scholar Rock in a report on Tuesday, March 26th. HC Wainwright reissued a "buy" rating and set a $30.00 target price on shares of Scholar Rock in a report on Tuesday, March 19th. Wedbush reissued an "outperform" rating and set a $23.00 target price on shares of Scholar Rock in a report on Tuesday, January 23rd. Raymond James assumed coverage on shares of Scholar Rock in a report on Thursday, March 28th. They set a "strong-buy" rating and a $30.00 target price for the company. Finally, Truist Financial reissued a "buy" rating and set a $20.00 target price on shares of Scholar Rock in a report on Wednesday, April 3rd. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Scholar Rock presently has an average rating of "Buy" and an average price target of $25.17.

Scholar Rock Stock Performance

SRRK traded up $0.57 on Friday, reaching $14.53. The stock had a trading volume of 498,572 shares, compared to its average volume of 586,104. The business's 50-day moving average price is $15.30 and its two-hundred day moving average price is $14.50. The company has a market cap of $1.13 billion, a P/E ratio of -7.30 and a beta of 0.90. Scholar Rock Holding Co. has a 12-month low of $5.56 and a 12-month high of $21.17. The company has a current ratio of 8.80, a quick ratio of 8.80 and a debt-to-equity ratio of 0.22.

Scholar Rock (NASDAQ:SRRK - Get Free Report) last issued its quarterly earnings data on Tuesday, March 19th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.01). Sell-side analysts forecast that Scholar Rock Holding Co. will post -2.01 earnings per share for the current year.

Insiders Place Their Bets

In other Scholar Rock news, CEO Jay T. Backstrom sold 11,614 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.74, for a total value of $182,804.36. Following the completion of the transaction, the chief executive officer now owns 352,671 shares in the company, valued at $5,551,041.54. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Edward H. Myles sold 4,744 shares of the business's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $74,670.56. Following the completion of the sale, the chief financial officer now owns 210,976 shares of the company's stock, valued at $3,320,762.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay T. Backstrom sold 11,614 shares of the business's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $15.74, for a total transaction of $182,804.36. Following the sale, the chief executive officer now directly owns 352,671 shares of the company's stock, valued at approximately $5,551,041.54. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,359 shares of company stock worth $351,931. Company insiders own 26.20% of the company's stock.

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.