Scholar Rock (SRRK) PT Raised to $50 at H.C. Wainwright

H.C. Wainwright analyst Andres Maldonado raised the price target on Scholar Rock (NASDAQ: SRRK) to $50.00 (from $40.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Biohaven announced that its Phase 3 RESILIENT study of taldefgrobep alfa in Spinal Muscular Atrophy (SMA) failed to achieve statistical separation on the primary outcome at Week 48 compared to the placebo plus standard-of-care group. While we have always anticipated the SMA market would see multiple entrants, we now view the launch trajectory for apitegromab as clear of any near-term headwinds. Consequently, we are increasing our worldwide penetration assumptions, raising apitegromab’s peak sales estimates to $1.12 billion by 2034 (previously $985 million). Although the trial did not meet its primary outcome, efficacy signals were observed in clinically relevant subgroups defined by age, ambulatory status, background therapy, and baseline myostatin levels. Notably, the most significant improvements were seen in Caucasian participants (87% of the population) and in those with measurable baseline myostatin (p=0.02). This suggests there may still be a path forward for taldefgrobep alfa in SMA, though timelines have been pushed back. Biohaven plans to engage with the FDA to determine next steps, present the study data at an upcoming conference, and initiate a placebo-controlled Phase 2 obesity trial in late 2024. Hence, we reiterate our Buy rating and increase our PT to $50 from $40."

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