Norges Bank Takes Position in Scholar Rock Holding Co. (NASDAQ:SRRK)

Norges Bank purchased a new position in shares of Scholar Rock Holding Co. (NASDAQ:SRRK - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 1,990,819 shares of the company's stock, valued at approximately $86,043,000. Norges Bank owned approximately 2.13% of Scholar Rock at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Scholar Rock by 51.8% during the fourth quarter. GAMMA Investing LLC now owns 788 shares of the company's stock valued at $34,000 after buying an additional 269 shares in the last quarter. Quarry LP increased its holdings in shares of Scholar Rock by 3,443.3% during the 3rd quarter. Quarry LP now owns 4,500 shares of the company's stock valued at $36,000 after acquiring an additional 4,373 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Scholar Rock by 584.7% in the 4th quarter. Global Retirement Partners LLC now owns 897 shares of the company's stock valued at $39,000 after acquiring an additional 766 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Scholar Rock by 1,321.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,109 shares of the company's stock valued at $48,000 after acquiring an additional 1,031 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in Scholar Rock by 30.6% in the 4th quarter. Amalgamated Bank now owns 2,643 shares of the company's stock worth $114,000 after purchasing an additional 620 shares during the last quarter. 91.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wedbush reissued an "outperform" rating and issued a $50.00 price target on shares of Scholar Rock in a research report on Tuesday, March 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $42.67.

Insider Activity

In related news, CFO Edward H. Myles sold 142,292 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $35.62, for a total value of $5,068,441.04. Following the completion of the sale, the chief financial officer now owns 111,345 shares in the company, valued at approximately $3,966,108.90. This trade represents a 56.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Katie Peng sold 1,006 shares of Scholar Rock stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $34.42, for a total value of $34,626.52. Following the sale, the director now directly owns 30,319 shares in the company, valued at approximately $1,043,579.98. This trade represents a 3.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 299,772 shares of company stock valued at $11,245,798. 19.20% of the stock is owned by company insiders.

Scholar Rock Stock Performance

NASDAQ:SRRK traded down $0.86 during mid-day trading on Monday, hitting $26.04. 1,686,120 shares of the company's stock traded hands, compared to its average volume of 1,195,882. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $35.98 and a two-hundred day moving average of $34.14. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -11.08 and a beta of 0.56. Scholar Rock Holding Co. has a 12 month low of $6.76 and a 12 month high of $46.98.

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.