EFG Asset Management North America Corp. Acquires New Holdings in Scholar Rock Holding Corporation $SRRK

EFG Asset Management North America Corp. bought a new stake in shares of Scholar Rock Holding Corporation (NASDAQ:SRRK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 51,478 shares of the company’s stock, valued at approximately $1,822,000. EFG Asset Management North America Corp. owned about 0.05% of Scholar Rock at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Scholar Rock by 15.8% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,668 shares of the company’s stock worth $130,000 after buying an additional 500 shares during the last quarter. CWM LLC boosted its position in Scholar Rock by 152.8% in the first quarter. CWM LLC now owns 996 shares of the company’s stock worth $32,000 after purchasing an additional 602 shares during the last quarter. Corebridge Financial Inc. boosted its position in Scholar Rock by 2.2% in the first quarter. Corebridge Financial Inc. now owns 39,389 shares of the company’s stock worth $1,266,000 after purchasing an additional 850 shares during the last quarter. KLP Kapitalforvaltning AS grew its stake in shares of Scholar Rock by 13.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 14,100 shares of the company’s stock valued at $499,000 after purchasing an additional 1,700 shares during the period. Finally, Arizona State Retirement System increased its position in shares of Scholar Rock by 10.2% during the 1st quarter. Arizona State Retirement System now owns 18,767 shares of the company’s stock valued at $603,000 after purchasing an additional 1,734 shares during the last quarter. 91.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SRRK has been the topic of a number of research reports. Leerink Partnrs raised shares of Scholar Rock to a “strong-buy” rating in a report on Monday, September 15th. Barclays decreased their price target on shares of Scholar Rock from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th. Piper Sandler cut their price objective on shares of Scholar Rock from $52.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Raymond James Financial set a $53.00 price objective on Scholar Rock and gave the stock a “strong-buy” rating in a research note on Wednesday, July 30th. Finally, Leerink Partners began coverage on Scholar Rock in a research report on Monday, September 15th. They set an “outperform” rating and a $51.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $48.50.

Insider Buying and Selling

In related news, Director Srinivas Akkaraju acquired 113,025 shares of the business’s stock in a transaction on Monday, October 6th. The stock was acquired at an average cost of $38.65 per share, with a total value of $4,368,416.25. Following the acquisition, the director directly owned 500,439 shares in the company, valued at $19,341,967.35. This represents a 29.17% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mo Qatanani sold 3,353 shares of the business’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $30.67, for a total transaction of $102,836.51. Following the completion of the transaction, the insider directly owned 108,964 shares in the company, valued at $3,341,925.88. This trade represents a 2.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 7,537 shares of company stock worth $242,088. 13.30% of the stock is owned by corporate insiders.

Scholar Rock Stock Down 0.2%

Shares of SRRK stock opened at $27.99 on Thursday. 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 one year low of $22.71 and a one year high of $46.98. The company’s fifty day moving average price is $32.72 and its 200-day moving average price is $33.46. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -9.62 and a beta of 0.42.

Scholar Rock (NASDAQ:SRRK) last issued its earnings results on Wednesday, August 6th. The company reported ($0.98) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.32). During the same period in the prior year, the company earned ($0.60) EPS. Sell-side analysts expect that Scholar Rock Holding Corporation will post -2.42 EPS for the current fiscal year.

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.