Jennison Associates LLC Invests $2.58 Million in Scholar Rock Holding Co. (NASDAQ:SRRK)

Jennison Associates LLC acquired a new stake in Scholar Rock Holding Co. (NASDAQ:SRRK) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 137,049 shares of the company’s stock, valued at approximately $2,577,000. Jennison Associates LLC owned 0.19% of Scholar Rock at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SRRK. abrdn plc purchased a new stake in shares of Scholar Rock in the 4th quarter valued at approximately $3,177,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in 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 acquiring an additional 10,927 shares during the period. Clarius Group LLC purchased a new stake in Scholar Rock in the fourth quarter valued at $281,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Scholar Rock by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,983 shares of the company’s stock valued at $470,000 after purchasing an additional 8,662 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Scholar Rock during the 4th quarter worth $768,000. Hedge funds and other institutional investors own 91.08% of the company’s stock.

Scholar Rock Stock Up 4.1 %

Scholar Rock stock opened at $14.53 on Friday. The company’s 50 day moving average is $15.33 and its two-hundred day moving average is $14.45. 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 Holding Co. has a 52-week low of $5.56 and a 52-week high of $21.17.

Scholar Rock (NASDAQ:SRRK) last issued its quarterly earnings data on Tuesday, March 19th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.01). Research analysts predict that Scholar Rock Holding Co. will post -2.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Junlin Ho sold 3,489 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $15.74, for a total transaction of $54,916.86. Following the transaction, the general counsel now directly owns 208,771 shares in the company, valued at $3,286,055.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Scholar Rock news, CEO Jay T. Backstrom sold 11,614 shares of Scholar Rock stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $15.74, for a total value of $182,804.36. Following the transaction, the chief executive officer now directly owns 352,671 shares in the company, valued at approximately $5,551,041.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Junlin Ho sold 3,489 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $15.74, for a total value of $54,916.86. Following the completion of the sale, the general counsel now directly owns 208,771 shares of the company’s stock, valued at approximately $3,286,055.54. The disclosure for this sale can be found here. Insiders have sold a total of 22,359 shares of company stock valued at $351,931 over the last quarter. Company insiders own 26.20% of the company’s stock.

Analyst Ratings Changes

SRRK has been the topic of a number of recent analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $20.00 target price on shares of Scholar Rock in a research report on Wednesday, April 3rd. Raymond James started coverage on shares of Scholar Rock in a research report on Thursday, March 28th. They set a “strong-buy” rating and a $30.00 price objective for the company. Piper Sandler reissued an “overweight” rating and issued a $28.00 target price on shares of Scholar Rock in a research report on Tuesday, March 26th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Scholar Rock in a research report on Tuesday, March 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $23.00 price objective on shares of Scholar Rock in a report on Tuesday, January 23rd. Five investment 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 a consensus rating of “Buy” and a consensus price target of $25.17.

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.