Redmile Group LLC Sells 214,246 Shares of Scholar Rock Holding Co. (NASDAQ:SRRK)

Redmile Group LLC reduced its stake in Scholar Rock Holding Co. (NASDAQ:SRRK - Free Report) by 3.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,238,837 shares of the company's stock after selling 214,246 shares during the quarter. Scholar Rock makes up 2.5% of Redmile Group LLC's investment portfolio, making the stock its 16th largest holding. Redmile Group LLC owned approximately 5.60% of Scholar Rock worth $41,963,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC acquired a new stake in shares of Scholar Rock in the second quarter worth $6,223,000. Candriam S.C.A. acquired a new position in Scholar Rock during the 2nd quarter worth $6,201,000. Fisher Asset Management LLC lifted its position in Scholar Rock by 593.6% during the 3rd quarter. Fisher Asset Management LLC now owns 734,019 shares of the company's stock worth $5,879,000 after acquiring an additional 628,186 shares during the last quarter. Millennium Management LLC boosted its holdings in Scholar Rock by 159.2% during the second quarter. Millennium Management LLC now owns 925,584 shares of the company's stock valued at $7,710,000 after acquiring an additional 568,512 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Scholar Rock by 1,051.3% in the second quarter. Marshall Wace LLP now owns 487,285 shares of the company's stock valued at $4,059,000 after purchasing an additional 444,961 shares during the last quarter. Institutional investors own 91.08% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial boosted their price objective on Scholar Rock from $36.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. JPMorgan Chase & Co. upped their price target on Scholar Rock from $18.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Wedbush raised their price objective on shares of Scholar Rock from $40.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, November 25th. Piper Sandler upped their target price on shares of Scholar Rock from $28.00 to $42.00 and gave the company an "overweight" rating in a research note on Tuesday, October 15th. Finally, BMO Capital Markets increased their price target on shares of Scholar Rock from $34.00 to $38.00 and gave the company an "outperform" rating in a report on Friday, October 11th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $40.43.

Insider Transactions at Scholar Rock

In related news, major shareholder Public Equities L.P. Invus sold 409,433 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $38.49, for a total transaction of $15,759,076.17. Following the completion of the transaction, the insider now owns 10,850,005 shares in the company, valued at $417,616,692.45. This trade represents a 3.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Edward H. Myles sold 206,240 shares of the company's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $26.56, for a total value of $5,477,734.40. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,823,322 shares of company stock valued at $56,411,627. Company insiders own 19.20% of the company's stock.

Scholar Rock Stock Performance

SRRK traded up $2.09 during trading on Thursday, reaching $41.86. 792,165 shares of the company's stock were exchanged, compared to its average volume of 1,147,866. The company has a market capitalization of $3.92 billion, a P/E ratio of -17.81 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. The business has a 50 day moving average price of $27.98 and a 200 day moving average price of $15.61. Scholar Rock Holding Co. has a fifty-two week low of $6.76 and a fifty-two week high of $43.38.

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.