J.P. Morgan analyst Jessica Fye has maintained their bullish stance on SRRK stock, giving a Buy rating yesterday.
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Jessica Fye has given her Buy rating due to a combination of factors influencing Scholar Rock Holding’s stock. One of the key considerations is the company’s ongoing collaboration with Novo Nordisk to address the compliance issues identified at the Catalent Indiana facility, which has affected the approval process for apitegromab’s BLA for spinal muscular atrophy. Scholar Rock’s proactive approach in requesting a Type A meeting with the FDA to discuss next steps and timelines for resubmission demonstrates their commitment to resolving these challenges.
Despite the current setbacks, Jessica Fye sees potential in Scholar Rock’s strategic efforts to navigate the regulatory landscape and their plans to provide a comprehensive update during their upcoming earnings call. While the near-term market reaction may be volatile due to these developments, the long-term outlook remains positive, justifying the Buy rating. This perspective is supported by Scholar Rock’s dedication to working closely with regulatory bodies and partners to achieve their objectives.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $53.00 price target.