Analyst Evan Seigerman from BMO Capital maintained a Buy rating on Scholar Rock Holding and increased the price target to $50.00 from $45.00.
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Evan Seigerman’s rating is based on several strategic moves by Scholar Rock Holdings that enhance investor confidence. The company has taken proactive steps to ensure the approval of its lead drug, apitegromab, by accelerating the tech transfer to a new fill finish facility. This move is seen as a prudent measure to mitigate risks associated with the reinspection of the original Catalent site, which is crucial for the drug’s approval.
Additionally, Scholar Rock has secured non-dilutive financing, which strengthens its financial stability as it awaits the potential approval of apitegromab. This financial maneuver alleviates investor concerns regarding the company’s cash flow amidst the delay. Furthermore, the innovative potential of Scholar Rock’s research platform, particularly its ability to target TGF-β proteins, positions apitegromab as a promising treatment for SMA, which could significantly improve motor functions in patients. These factors collectively contribute to Seigerman’s optimistic outlook and the Buy rating for SRRK stock.
According to TipRanks, Seigerman is a 4-star analyst with an average return of 5.4% and a 48.97% success rate. Seigerman covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Bristol-Myers Squibb, and Pfizer.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $44.00 price target.