Cinctive Capital Management LP Buys 2,869 Shares of Scholar Rock Holding Co. (NASDAQ:SRRK)

Cinctive Capital Management LP lifted its stake in shares of Scholar Rock Holding Co. (NASDAQ:SRRK) by 7.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 42,902 shares of the company’s stock after acquiring an additional 2,869 shares during the period. Cinctive Capital Management LP’s holdings in Scholar Rock were worth $344,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Scholar Rock by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $25,000 after purchasing an additional 514 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Scholar Rock during the 2nd quarter worth approximately $98,000. Hsbc Holdings PLC acquired a new stake in Scholar Rock during the 2nd quarter worth approximately $100,000. Point72 DIFC Ltd acquired a new stake in Scholar Rock during the 2nd quarter worth approximately $103,000. Finally, Creative Planning acquired a new stake in Scholar Rock during the 3rd quarter worth approximately $115,000. 91.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on SRRK. HC Wainwright lifted their target price on shares of Scholar Rock from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler lifted their target price on shares of Scholar Rock from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price target on shares of Scholar Rock from $18.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Truist Financial boosted their price target on shares of Scholar Rock from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, BMO Capital Markets boosted their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $40.43.

Scholar Rock Stock Performance

NASDAQ:SRRK opened at $39.77 on Thursday. The company has a fifty day moving average of $26.69 and a 200-day moving average of $15.25. The firm has a market capitalization of $3.72 billion, a P/E ratio of -16.92 and a beta of 0.58. The company has a quick ratio of 3.88, a current ratio of 3.88 and a debt-to-equity ratio of 0.63. Scholar Rock Holding Co. has a twelve month low of $6.76 and a twelve month high of $43.38.

Insider Activity

In other news, Director Srinivas Akkaraju sold 1,175,713 shares of Scholar Rock stock in a transaction on Monday, October 7th. The shares were sold at an average price of $29.25, for a total value of $34,389,605.25. Following the completion of the sale, the director now owns 5,612,896 shares in the company, valued at $164,177,208. The trade was a 17.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tracey Sacco sold 30,000 shares of Scholar Rock stock in a transaction on Monday, October 7th. The shares were sold at an average price of $25.62, for a total transaction of $768,600.00. Following the completion of the sale, the insider now owns 49,285 shares of the company’s stock, valued at $1,262,681.70. This represents a 37.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,823,322 shares of company stock worth $56,411,627 in the last quarter. 19.20% of the stock is owned by corporate insiders.

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.