Scholar Rock: Apitegromab Manufacturing Resolution and Pipeline Expansion Underpin Buy-Rated Risk-Reward Profile

BMO Capital analyst Evan Seigerman has maintained their bullish stance on SRRK stock, giving a Buy rating today.

Evan Seigerman has given his Buy rating due to a combination of factors linked to Scholar Rock’s lead asset apitegromab and the company’s broader platform potential. He views the planned 2026 BLA resubmission for apitegromab in spinal muscular atrophy (SMA) as a central value driver, with management signaling strong urgency and launch readiness once manufacturing issues at Catalent’s Indiana facility are resolved. The advancement of a secondary fill-finish site—with commercial capacity reserved starting in early 2026 and a supplemental BLA targeted for the second half of 2026—adds redundancy and reduces regulatory and supply-chain risk, supported by that site’s history of successful inspections.
Evan Seigerman also sees meaningful upside from apitegromab’s expansion into new indications and formulations, especially the move into facioscapulohumeral muscular dystrophy (FSHD), an underserved market with no approved therapies, where preclinical data suggest potential muscle function benefits. Ongoing and planned trials in younger SMA patients and a subcutaneous version of apitegromab support a “pipeline-in-a-product” thesis and may enhance the drug’s clinical and commercial reach. Furthermore, upcoming Phase 1 data for SRK-439 in the second half of 2026 could demonstrate how Scholar Rock’s platform selectively targets TGF-β proteins—targets often viewed as extremely difficult to drug—thereby opening additional therapeutic avenues beyond SMA. Taken together, these clinical, regulatory, and platform catalysts underpin his positive view on the risk-reward profile and justify the Buy rating on Scholar Rock’s shares.

In another report released today, Raymond James also reiterated a Buy rating on the stock with a $53.00 price target.