Scholar Rock assumed with a Strong Buy at Raymond James

Raymond James assumed coverage of Scholar Rock (SRRK) with a Strong Buy rating with a price target of $53, up from $49. Scholar Rock’s apitegromab, a mAb targeting latent myostatin, is progressing towards a September 22 PDUFA date in spinal muscular atrophy, and while expectations are elevated in front of approval, apitegromab has the makings of a commercial winner, the analyst tells investors in a research note. Beyond SMA, Scholar Rock’s myostatin programs have high value expansion opportunities in other neuromuscular indications, while potential outlicensing and partnerships in the obesity space can offer another source of near-term optionality, Raymond James argues.