Victory Capital Management Inc. increases its stake in Scholar Rock Holding Co. (NASDAQ: SRRK)
Victory Capital Management Inc. raised its position in Scholar Rock Holding Co. (NASDAQ: SRRK – Get a rating) by 14.5% in the first quarter, according to its most recent SEC filing. The institutional investor held 1,458,128 shares of the company after purchasing an additional 184,935 shares during the period. Victory Capital Management Inc. owned 4.13% of Scholar Rock worth $18,795,000 at the end of the last quarter.
A number of other hedge funds and other institutional investors have also recently increased or reduced their stakes in SRRK. TD Asset Management Inc. increased its holdings of Scholar Rock shares by 28.9% in the fourth quarter. TD Asset Management Inc. now owns 148,964 shares of the company valued at $3,700,000 after purchasing an additional 33,393 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Scholar Rock shares by 10.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 19,400 shares of the company valued at $251,000 after purchasing an additional 1,800 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Scholar Rock by 78.8% in Q4. Rafferty Asset Management LLC now owns 66,547 shares of the company valued at $1,653,000 after purchasing an additional 29,329 shares during the period. Allspring Global Investments Holdings LLC purchased a new equity stake in Scholar Rock in Q4, valued at approximately $218,000. Finally, Eaton Vance Management increased its stake in Scholar Rock shares by 2.9% in the fourth quarter. Eaton Vance Management now owns 25,892 shares of the company valued at $643,000 after purchasing an additional 728 shares during the period. Hedge funds and other institutional investors own 84.22% of the company’s shares.
Separately, director Amir Nashat acquired 1,197,992 shares of Scholar Rock in a transaction dated Wednesday, June 22. The shares were acquired at an average cost of $4.90 per share, for a total transaction of $5,870,160.80. Following the acquisition, the director now owns 3,540,530 shares of the company, valued at $17,348,597. The acquisition was disclosed in a legal filing with the SEC, accessible via the SEC website. Insiders of the company own 2.05% of the shares of the company.
Analysts set new price targets
Several analysts have recently weighed in on the stock. Wedbush lowered its price target on Scholar Rock shares from $50.00 to $33.00 and set an “na” rating for the company in a Tuesday, May 17 research note. BMO Capital Markets lowered its price target on shares of Scholar Rock from $74.00 to $55.00 in a Tuesday, May 17 research note. JPMorgan Chase & Co. lowered its price target on shares of Scholar Rock from $46.00 to $37.00 in a Tuesday, May 24 research note. Truist Financial began covering Scholar Rock shares in a report on Tuesday, July 12. They issued a “buy” rating and a price target of $20.00 on the stock. Finally, Piper Sandler lowered her price target on shares of Scholar Rock from $28.00 to $19.00 and set an “overweight” rating on the stock in a Thursday, June 23 report. One analyst rated the stock with a hold rating and three gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.86.
Scholar Rock Awards Performance
Scholar Rock Stockpile opened at $8.50 on Friday. The company has a market capitalization of $300.07 million, a PE ratio of -2.80 and a beta of 0.63. Scholar Rock Holding Co. has a 52-week low of $4.32 and a 52-week high of $44.95. The company has a quick ratio of 6.85, a current ratio of 6.85 and a leverage ratio of 0.25. The company’s 50-day moving average is $6.45 and its two-hundred-day moving average is $10.46.
Scholarly rock (NASDAQ: SRRK – Get a rating) last released its results on Monday, May 16. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.79) by $0.58. The company posted revenue of $33.19 million for the quarter, versus analyst estimates of $33.19 million. Scholar Rock had a negative net margin of 236.95% and a negative return on equity of 59.99%. On average, research analysts expect Scholar Rock Holding Co. to post -2.48 EPS for the current fiscal year.
Scholar Rock Company Profile
Scholar Rock Holding Corporation, a biopharmaceutical company, is focused on the discovery and development of drugs for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. The Company is developing Apitegromab, a latent myostatin activation inhibitor that has completed Phase 3 clinical trials for the treatment of spinal muscular atrophy; and SRK-181, which is in Phase 1 clinical trials for the treatment of cancers resistant to checkpoint inhibitor therapies, such as anti-PD-1 or anti-PD-L1 antibody therapies.
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