Eventide Asset Management LLC Reduces Stock Position in Scholar Rock Holding Co. (NASDAQ:SRRK)

Eventide Asset Management LLC lessened its stake in Scholar Rock Holding Co. (NASDAQ:SRRK) by 21.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,409,207 shares of the company’s stock after selling 665,268 shares during the period. Eventide Asset Management LLC’s holdings in Scholar Rock were worth $19,298,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of SRRK. Vanguard Group Inc. grew its position in shares of Scholar Rock by 4.0% in the first quarter. Vanguard Group Inc. now owns 2,969,534 shares of the company’s stock valued at $52,739,000 after purchasing an additional 114,550 shares in the last quarter. American International Group Inc. boosted its holdings in Scholar Rock by 3.0% in the 1st quarter. American International Group Inc. now owns 28,407 shares of the company’s stock valued at $505,000 after purchasing an additional 834 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Scholar Rock during the 1st quarter valued at approximately $258,000. Jane Street Group LLC lifted its position in shares of Scholar Rock by 95.5% during the 1st quarter. Jane Street Group LLC now owns 244,318 shares of the company’s stock valued at $4,339,000 after acquiring an additional 119,363 shares during the period. Finally, Walleye Trading LLC acquired a new position in shares of Scholar Rock during the 1st quarter worth approximately $178,000. Institutional investors and hedge funds own 91.08% of the company’s stock.

Analyst Upgrades and Downgrades

SRRK has been the subject of several analyst reports. Piper Sandler boosted their price target on Scholar Rock from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. HC Wainwright boosted their price objective on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets increased their price objective on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, October 11th. JPMorgan Chase & Co. increased their price objective on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, Wedbush upped their target price on shares of Scholar Rock from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $40.43.

Insider Activity

In other Scholar Rock news, CFO Edward H. Myles sold 206,240 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $26.56, for a total transaction of $5,477,734.40. Following the transaction, the chief financial officer now owns 161,088 shares in the company, valued at $4,278,497.28. This trade represents a 56.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Srinivas Akkaraju sold 1,175,713 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $29.25, for a total value of $34,389,605.25. Following the transaction, the director now owns 5,612,896 shares in the company, valued at approximately $164,177,208. This trade represents a 17.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,823,322 shares of company stock valued at $56,411,627 over the last 90 days. 19.20% of the stock is owned by company insiders.

Scholar Rock Stock Up 2.9 %

Shares of NASDAQ:SRRK opened at $38.15 on Friday. Scholar Rock Holding Co. has a 52 week low of $6.76 and a 52 week high of $43.38. The company’s fifty day moving average is $24.88 and its 200-day moving average is $14.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.88 and a current ratio of 3.88. The company has a market capitalization of $3.57 billion, a PE ratio of -16.23 and a beta of 0.47.

About Scholar Rock

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.